KUCHING: Zecon Bhd (Zecon) registered improved financial performance in its first quarter financial year 2016 (1QFY16) ended September 2015.
The company in a filing to Bursa Malaysia on Monday said 1QFY16 net loss narrowed to RM2.29 million from a net loss of RM3.07 million recorded in 1QFY15 ended September 2014.
It added 1QFY16 revenue advanced by 30 per cent year-on-year (y-o-y) to RM31.23 million from RM23.98 million generated in 1QFY15.
The higher revenue generated was attributed to contribution from its current ongoing projects such as Mydin Supermall and Petra Jaya Hospital projects in Kuching as well asa 10-storey commercial building at Taman Melawati, Gombak, Selangor.
Meanwhile, the group’s losses before tax of RM2.2 million was largely due to additional costs on existing project by the construction division and lower profit margin from the construction and property segments.
“Zecon Group is expected to continue generating revenue from the current registered projects such as Mydin Supermall, Petra Jaya Hospital, 10-storey commercial building at Taman Melawati and the recent new contract (for the) completion of remaining works for pipelines 2B, 6A & 6B for the Triang water supply scheme package 3B in Negeri Sembilan,” it said.
“Development on the negotiation with Perbadanan PR1MA Malaysia (PR1MA) on collaboration to develop Vista Tunku in Petra Jaya as 1Malaysia People’s Housing Programme (PR1MA) on a land there are also ongoing with the expected signing of the design and build contract agreement soon to follow.”