PETALING JAYA: Gabungan AQRS Bhd has accepted a letter of award worth RM360.98mil for the construction of the Pusat Pentadbiran Sultan Ahmad Shah (PPSAS) building in Pahang.
The company said in a filing with Bursa Malaysia that Gabungan Strategik Sdn Bhd (GSSB), a wholly-owned unit, has accepted the letter of award from 30%-owned associate and main contractors of the PPSAS building, Kreatif Sinar Gabungan Sdn Bhd.
Gabungan AQRS said the job would involve the construction and completion of all building works, mechanical and engineering works, interior design works and external and infrastructure works of PPSAS.
“GSSB shall operate as a turnkey contractor to design, construct and complete the works and shall assume all undertakings, responsibilities and obligations as the main contractor.”
“The commencement date of the works was Dec 27, 2016 and the works were therefore expected to be completed by March 26, 2020.”
Gabungan AQRS expects the project to contribute positively to its earnings, net assets per share and gearing for the financial years ending Dec 31, 2017 to Dec 31, 2020.
“It will not have any effect on the share capital and substantial shareholders’ shareholding of Gabungan AQRS,” it said.
For the third quarter ended Sept 30, 2016, Gabungan AQRS reported a net profit of RM5.16mil compared with a net loss of RM21.94mil in the previous corresponding period.
Revenue was higher at RM69.01mil from RM34.35mil previously. The improved earnings were attributed to higher revenue from its construction and property development divisions.
In notes accompanying its third quarter earnings, the company said the construction division was boosted by the commencement of works for the Sungai Besi-Ulu Kelang Highway and the PR1MA Homes in Kuala Kuantan, Pahang.
The higher revenue correspondingly resulted in higher overall performance for the construction division, it said.
On its property division, the company said earnings were driven by higher number of sales achieved for its ongoing projects – Contours, The Peak Serviced Apartments and Permas Centro shop offices.
