ZELAN Bhd is expected to continue reporting strong earnings, backed by a RM4 billion order book of projects in Saudi Arabia, United Arab Emirates, India and Indonesia, analysts said.The company reported a net profit of RM142.9 million for the 14 months to March 31.
In the previous 12-month period ended January 31 2007, net profit was RM80.8 million. Group revenue for the 14 months was RM1.38 billion compared to RM641.0 million in the previous 12 months.Analysts said they expect Zelan's order book to expand further as results on bids submitted for another RM3 billion worth of projects are still pending.
In its announcement to Bursa Malaysia last Thursday, Zelan attributed its growth in revenue to several factors.
These are the successful completion of two local projects - Tanjung Bin Power Plant and the MAS Hangar, higher contribution from overseas projects from its Engineering and Construction Business unit, as well as improved revenue from Hampshire Residences.The increase in profit is attributed to the higher revenue as well as a gain on disposal of IJM Corp Bhd shares, amounting to RM31.6 million.Earnings per share for the 14 months came to 25.38 sen.
These are the successful completion of two local projects - Tanjung Bin Power Plant and the MAS Hangar, higher contribution from overseas projects from its Engineering and Construction Business unit, as well as improved revenue from Hampshire Residences.The increase in profit is attributed to the higher revenue as well as a gain on disposal of IJM Corp Bhd shares, amounting to RM31.6 million.Earnings per share for the 14 months came to 25.38 sen.
Zelan is giving a second interim dividend of 6.5 sen per share. Together with the first interim dividend of 2.5 sen and a special tax exempt dividend of five sen paid earlier, shareholders will be getting a total of 14 sen per share.
Picture: Lindsay Lohan
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