Wednesday, February 21, 2007

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Scomi Engineering's Q4 Net Profit Jumps Up 60 Pct

KUALA LUMPUR, Feb 21 (Bernama) -- Scomi Engineering Bhd, a subsidiary of Scomi Group Bhd, posted a net profit of RM10.7 million for the fourth quarter ended Dec 31, 2006, a 60 percent increase from the RM6.7 million posted in the third quarter of 2006.

In a statement here Wednesday, the company said the increase in net profit resulted from a 57 percent increase in turnover of RM133.6 million in the quarter under review as compared to the preceding quarter's turnover of RM85.1 million.

For the financial year ended Dec 31, 2006, Scomi Engineering recorded a net profit after tax of RM30.2 million on a turnover of RM323.9 million.

The major turnover contributions for the quarter under review continued to be from the machine shop business which earned 54 percent of total turnover and the logistics engineering business which made up for 44 percent of the total turnover.

The machine shop business continue to show consistent growth on the back of recurrent overseas orders, in particular from its customers in West Asia, it said.

For the quarter under review, the machine shop's turnover increased by 38 percent as compared to the preceding quarter.

Scomi Engineering plans to set up new machine shop facility in West Asia is in progress and expected to positively impact the company's financial results in 2007.

Once this facility is operational, Scomi Engineering said it would be well-positioned to provide better support to its customers in the region.

The prospects for this business continue to be positive by the planned expansion of the Labuan and Singapore machine shops that will provide new capacity to fulfil demand for the machine shop services, it said.

This facility will reduce the dependence on the Singapore machine shop and reduce costs of shipping and storage to support orders for the country.

The company said the logistics engineering business was also expected to provide more significant contributions to the group results for 2007 due to the proposed acquisition of the additional 40 percent equity interest in MTrans Transportation Systems Sdn Bhd.

Upon completion of the proposed acquisition, Scomi Engineering, with a 91 percent ownership of MTrans, will further benefit from the consolidation of bigger turnover and profits.

Commenting on the acquisition, its chief executive officer Shah Hakim Zain said "our monorail unit is one of the few players in the world that offers urban monorail transit technology.

"The acquisition underscores our global outlook in seeking business opportunities and our emphasis on technology in delivering solutions that meet international standards," he said.

-- BERNAMA

Keywords: Singapore and MTrans.

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