Highlight Crest Builder gets RM198m UDA property contract

by **Cals** Thu 19 Mar 2015, 01:31

Highlight
Crest Builder gets RM198m UDA property contract

By Chong Jin Hun / theedgemarkets.com | March 18, 2015 : 1:54 PM MYT

KUALA LUMPUR (Mar 18): [size=14]Crest Builder Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has secured a RM197.82 million prime land property construction contract from UDA Holdings Bhd.

In a statement to the exchange today, Crest Builder (fundamental: 0.6; valuation: 1.8) said the contract involved the construction of a 30-storey serviced apartment tower along Jalan Sultan Ismail here.

"The contract period set out in the letter of award is thirty months (30) from the date of site possession which has been set out on 25 March 2015 and the contract is expected to be completed by 24 September 2017.

"The contract is expected to contribute positively to the earnings of the group for the financial years ending 31 December 2015 (FY15) and onwards," Crest Builder said.

Crest Builder had earlier reported weaker financials. FY14 net profit fell to RM20.76 million from RM48.77 million a year earlier.

Revenue was lower at RM209.06 million versus RM223.4 million.

Today, Crest Builder shares rose one sen or 0.8% at 12:30pm to settle at RM1.20 for a market capitalisation of RM196.7 million.

The stock had fallen 11% this year, underperforming the FBM KLCI's 2% rise.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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