Econpile returns to black in 2QFY19
KUALA LUMPUR (Feb 25): Econpile Holdings Bhd returned to the black with a net profit of RM8.65 million in the second quarter of the financial year ended Dec 31, 2019 (2QFY19) against a net loss of RM34.45 million in the same period in the preceding financial year.
Revenue decreased to RM137.69 million, from RM148.18 million previously.
The civil engineering company recorded a revenue of RM273.1 million for the current six months financial period ended Dec 31, 2019 (6MFY19), mainly from the piling and foundation services business segment, it said in a filling with Bursa Malaysia today.
The revenue contribution from piling and foundation works from property development projects continued to dominate the group's revenue amounting to RM191.2 million or 70% and the remaining revenue derived from piling and foundation works from infrastructure and other segments amounting to RM81.9 million or 30%.
The group remains optimistic of new job wins both in private-initiated property development projects and ongoing infrastructure projects, which are technically challenging in both civil engineering and deep-basement works.
On the back of a relatively stable prices of building materials including steel and concrete, Econpile anticipates the construction sector's outlook to remain positive for FY2020.
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