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Willowglen eyes Tenaga, LRT, MRT projects
by Cals Thu 28 Apr 2016, 03:14
Willowglen eyes Tenaga, LRT, MRT projects
By Tan Siew Mung / theedgemarkets.com | April 27, 2016 : 12:41 PM MYTKUALA LUMPUR (April 27): Electronic surveillance specialist Willowglen MSC Bhd is bidding for up to RM400 million worth of projects, which include Malaysia's light rail transit (LRT) and mass rapid transit (MRT) projects.
Willowglen managing director Wong Ah Chiew said the group's tender book included control system installations for the LRT and MRT stations.
"The success rate for the tendered projects is normally between 20% and 30%.
"The group's outstanding order book stands at RM150 million, which is expected to sustain the group's revenue for a year," Wong told reporters after Willowglen's annual general meeting here today.
Wong is optimistic on Willowglen's growth. He said the company was targeting a 10% growth in net profit and revenue for the current financial year ending Dec 31, 2016.
Growth is expected to be underpinned by potential "new field" projects, including a power substation monitoring system for Tenaga Nasional Bhd.
Wong said based on Willowglen's year-to-date performance, its full year results should remain satisfactory.
In FY15, the group's net profit increased to RM18.09 million from RM17.41 million a year earlier. Revenue rose to RM119.27 million from RM109.75 million.
At noon market break today, Willowglen shares rose 0.5 sen or 0.7% to settle at 71.5 sen for a market capitalisation of RM174 million. The stock saw 32,100 shares traded.
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