Ingress bags contracts worth RM24.6m (7112)

Ingress Corporation Bhd has received new contracts with an aggregate total value of RM24.6 million for its automotive division.

The company, in a filing to Bursa Malaysia said that the new contracts, are for a period of between five to seven years.

The
company received a contract from Isuzu Motors Co (Thailand) Ltd for the
supply of roof moulding for a new model through its subsidiary in
Thailand, Ingress Autoventures Co Ltd (IAV).

The project is
expected to commence towards the end of the third quarter of the
financial year ending Jan 31, 2014 with a project duration of seven
years.

This is expected to generate total revenue of Thai Baht
88.3 million (about RM8.8 million) for Ingress of Thailand, whilst the
total investment is expected to cost Thai baht 12.1 million (RM1.2
million).

The company also received another contract from
Mitsubishi Motors (Thailand) Co Ltd for the supply of sash assembly,
beltline moulding and weatherstip for a new model through IAV.

The project will commence within the second quarter of the financial year ending January 31, 2014 with a duration of six years.

From
this project, the company is expected to garner total revenue of Thai
baht 80.4 million (RM8 million), whilst the total investment is
expected to cost Thai baht 9.9 million (RM1 million).

Another
project is from PT Toyota Motor Manufacturing Indonesia for the supply
of heat insulators for a new model through its subsidiary in Indonesia,
PT Ingress Malindo Ventures.

The project is expected to be within the fourth quarter of the financial year ending Jan 31, 2014 with a duration of five years.

It
is expected to generate total revenue for Ingress of Indonesian rupiah
23.5 billion (about RM7.8 million) whilst the total investment is
Indonesian rupiah 3.6 billion (RM1.2 million).

Ingress Corp said that the projects are expected to contribute positively to the earnings of the Ingress Group. -- Bernama