Share
KUALA LUMPUR: Sarawak-based Hock Seng Lee Bhd (HSL) has achieved a 30% increase in net profit for the first quarter ending March 31, 2010 with RM13.541 million compared with RM10.419 million in the corresponding quarter in 2009. Revenue collected during the quarter under review was up 19% to RM92.406 compared with RM77.878 million in 1Q 2009.
In a listing on Bursa Malaysia on May 25, HSL stated that prospects for the rest of the year are good as infrastructure development in Sarawak continues to intensify, driven by the Government’s stimulus packages and the Sarawak Corridor of Renewable Energy (SCORE) initiatives.
In a separate press statement also issued via Bursa Malaysia on the same day, stated that the property development side of the company, wholly-owned subsidiary Hock Seng Lee Construction Sdn Bhd, recorded a 44% surge in profit before tax for 1Q2010 compared to the same period in 2009.
Even though property development only contributed 10% to the Group’s bottom line, it has been successful from its innovative high-end residential design concepts, which has resulted in brisk sales and superior margins, said group chairman Senator Datuk Idris Buang.
He added that HSL was riding on a wave of infrastructure development in Sarawak and drawing in its marine engineering strength to give it a competitive edge.
Since the start of the year, HSL has procured two new road projects; a building works contract in Samarahan and a wharf at Muara Tebas bringing the order book to RM1.7 billion with RM1.1 billion outstanding.
HSL Group is involved in marine engineering, civil engineering, building construction and property development.
