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Update Eversendai 2Q net profit drops by 55.6%

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Update Eversendai 2Q net profit drops by 55.6% Empty Update Eversendai 2Q net profit drops by 55.6%

Post by Cals Fri 29 Aug 2014, 00:43

Update Eversendai 2Q net profit drops by 55.6%
Business & Markets 2014
Written by Supriya Surendran of theedgemalaysia.com   
Thursday, 28 August 2014 18:30

KUALA LUMPUR (Aug 28): Eversendai Corporation Bhd recorded a 55.6% year-on-year drop in net profit to RM7.3 million for its second quarter ended June 30,2014 (2QFY14), mainly due to additional expenses in the development of new businesses and longer-than-expected executions of a number of fabrication projects in the Middle East and India.

This also resulted in the group reporting a 54.4% drop in net profit to RM18.29 million for the first half ended June 30, 2014 (1HFY14), compared RM40.15milion a year ago, its filing to the exchange today showed.

The group’s revenue fell 10% to RM222.5 million in 2QFY14, from RM247.5 million in 2QFY13; 1HFY14’s revenue also dropped 7.6% to RM453.3 million from RM490.7 million in 1HFY13, which it attributed to the longer-than-expected contract execution for the Middle East region and India.

“The financial performance of the group for the second quarter of 2014 in terms of profit, has not met our expectations. However, we are pleased to note that our projects in Malaysia have been progressing as scheduled, hence, increasing its share of the group’s revenue and profit contribution,” said the group’s chairman, Tan Sri A K Nathan.
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