KUALA LUMPUR (Feb 22): Pintaras Jaya Bhd has been awarded eight piling contracts in Singapore worth a total of RM170 million since August 2023.

The contracts were secured through its Singapore-based wholly-owned unit, Pintary Foundations Pte Ltd, according to the piling and foundation player’s filing.

Pintaras Jaya said some of the projects have already commenced work or will commence in March 2024 with contract periods ranging from three to 15 months.

"These contracts are expected to contribute positively to Pintaras Jaya's FY2024 earnings," it added.

Separately, Pintaras Jaya reported a net loss of RM5.36 million for the second financial quarter ended Dec 31, 2023 (2QFY2024), compared to a net profit of RM1.76 million in the previous corresponding quarter. It attributed the loss to its construction division, which incurred wider losses, coupled with lower investment income over the preceding comparative financial quarter. Contribution from the manufacturing division, however, was higher.

Quarterly revenue fell 20.3% to RM61.57 million from RM77.24 million in the preceding financial year corresponding quarter.

Pintaras Jaya said the lower quarterly revenue was primarily due to lower construction activities.

For the six-month period between July to December 2023 (6MFY2024), Pintaras Jaya’s net loss widened to RM4.17 million, from a net loss of RM1.6 million in the previous year's corresponding period. Cumulative revenue contracted 26.4% to RM131.87 million from RM179.14 million previously.  

As of end-December 2023, the group's estimated outstanding construction order book is worth about RM300 million. "This will help us navigate through the next few challenging months," Pintaras Jaya added.

At market close on Thursday, Pintaras Jaya gained three sen to RM1.72, valuing the group at RM285.29 million. Year to date, the stock has risen by over 8%.