News by M

Revenue soared 107% to RM243.32 million, from RM117.59 million in 3QFY2016.

The group embarked on a loan impairment programme to raise its provisions to close the gap between banking practices and standards. The impairment programme was to raise provisions for a total RM1.9 billion between FY2016 and FY2017.

For the construction segment, revenue rose to RM466.5 million from RM417.6 million due to increased activities under the building division.

IJM attributed the decline in profit to the absence of a one-off gain of RM133.3 million from the disposal of a 70% equity interest in Swarna Tollway Private Ltd, which was included in its results last year.

Tambun Indah has a pipeline gross development value of RM3.1 billion to be built over the next seven years.

Matrix said it is focusing on its development projects in the Bandar Sri Sendayan township in Seremban and Bandar Seri Impian township in Kluang, Johor. The group is also engaged in other development projects in the vicinity of Seremban.

Overall, the lower earnings attributable to shareholders was due to absence of the substantial profits recognised from CDL’s second Profit Participation Securities (PPS) platform in 4Q2015.

The enhancement effort seeks to widen the existing Jalan 1/141 at Sungai Besi, expanding the current two lanes to four lanes, measuring 23.4m wide.

Among the participating investors are affiliates of Beacon Capital Partners, a real-estate developer, owner and manager of office properties in major US markets.

The contract, which would see it undertake piling and basement substructure works for the mixed project, was awarded to its wholly-owned unit Econpile (M) Sdn Bhd on Feb 21, from Domain Resources Sdn Bhd. The contract is for a duration of 28 months.