HSS Engineers first quarter net profit down
“We are optimistic of the key opportunities that lie in the water sector, especially upcoming projects that require in-depth engineering expertise of which the group has built an established reputation in the industry through our associate, SMHB Sdn Bhd,” executive vice-chairman Tan Sri Kuna Sittampalam(pic) said.
PETALING JAYA: Engineering and project management consultant HSS Engineers Bhd’s net profit dropped sharply to RM339,000 from RM881,000 in the first quarter to March 31 on the back of higher interest expense.
While HSS subsidiary SMHB Engineering Sdn Bhd contributed a profit after tax of RM1.4mil, this was compensated by a higher interest expense which mainly arose from the term loan of RM85mil to part-finance the acquisition of SMHB Engineering.
HSS recorded a 7.3% rise in revenue to RM36.5mil for the quarter compared to RM34mil previously, due to a higher number of projects and further progress in key projects.HSS currently has an order book of more than RM500mil to provide earnings visibility for the next two to three years.
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