Our website is made possible by displaying non-intrusive online advertisements to our visitors.
Please consider supporting us by disabling or pausing your ad blocker.
Its construction activities generated a gross profit margin of around 11.6% and added RM4.6 million in profit after tax for the quarter. Not bad at all
Total group revenue stood at RM185.67 million, although profitability was impacted by impairments and cost overruns tied to legacy projects under Siab (M) Sdn Bhd and Siab Construction Sdn Bhd. These included impairments of RM14.86 million in trade receivables and RM12.20 million in contract assets.
The reason for the reported loss is impairment charges totaling RM27.0 million; RM14.9 million from trade receivables and RM12.2 million from contract assets, mainly linked to older projects from the former Siab entity. The rest of the business is performing well, so the company is expected to return to profitability next quarter
