Mudajaya posts higher Q1 pre-tax profit

Mudajaya Group Bhd said its profit before tax for the first quarter ended March 31, 2012 rose 78 per cent to RM94.0
million from RM52.8 million achieved in the preceding year's corresponding quarter.

In
a statement, Mudajaya said its revenue grew 97 per cent to RM440.5
million compared to RM223.1 million in the first quarter of 2011.

It
said the balance sheet remained healthy, with the company reporting a
net cash position of RM248.5 million as at March 31, while its
shareholders' funds stood at RM1,010.2 million, and its net assets per
ordinary share was RM1.85.

Mudajaya Group Managing Director and
Chief Executive Officer, Anto Joseph, said the improved performance was
very much underpinned by sustained contribution from the group's
construction division.

Other than its Equipment Procurement
project for the power plant in India, Mudajaya is progressing well with
works on the Janamanjung power plant, he said.

The RM720
million contract for the Janamanjung power plant involving the design
and construction of civil works for the Manjung No.4 power plant was
secured in June 2011.

Mudajaya also secured RM1 billion
contract for the design and construction of civil and structural works
for the Tanjung Bin power plant in February this year.

Anto Joseph said Mudajaya's construction order book as at 31 March, 2012 stood at RM3.6 billion.

The
group is confident of further expanding its order book, tapping into
its core competencies as a leading civil engineering and power plant
contractor to pursue contracts in Malaysia and the region, he said.

Mudajaya
is currently pursuing a tender book of more than RM5 billion with main
focus being in the power sector works, as well as highways and
infrastructure related contracts.

Contribution from its 26
per cent equity investment in the Chhattisgarh Independent Power
Producer project in India, which is targeted for completion by the end
of 2013, will provide an added recurring income stream to group
earnings. -- Bernama

Rm2.81 R1

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