News by Ahmad Naqib Idris

Revenue, however, slipped 5% to RM2.02 billion from RM2.12 billion previously.

Its quarterly revenue jumped 58% year-on-year to RM170.49 million from RM108.15 million.

Benalec said the recognition of a land disposal during the current quarter had lifted its topline.

The contract entails the construction of a 17-floor building comprising 756 units of serviced apartments and another nine floors of 108 units of serviced apartments built above the podium.

Improvement in revenue was attributed to higher progress of projects under its construction segment, while higher other operating income seen during the quarter had boosted profitability.

The RM74.39 million contract included works to relocate a craft museum, Karyaneka office and the National Heritage Department office to Bangunan Sultan Abdul Samad as part of the MRT Line 2 project.

The announcement was made in response to a local news publication's report that said the group intended to acquire the hotel from CDL Hospitality Trusts for A$85 million.

Ekovest Bhd said it is close to securing about RM400 million more contracts for its construction division within financial year ending June 30, 2017 (FY17), which will boost its orderbook to exceed RM7 billion.

Sunway Construction Group Bhd’s (SunCon) third quarter net profit climbed 21% year-on-year (y-o-y) on stronger earnings from its construction segment, which saw a better profit before tax (PBT) margin of 9.3% compared to 2.4% previously.

The property investment and development division saw a 6% decline in PBT to RM38.38 million on lower unrealised gains on foreign exchange, as the Singapore dollar weakened against ringgit during the quarter.