KUALA LUMPUR, Nov 18 -- Hock Seng Lee Bhd (HSL) posted a net profit of RM14.56 million for the third quarter ended Sept 30, 2019, up 1.7 per cent from a year earlier due to a better contribution from its construction segment.
Revenue edged up 0.3 per cent year-on-year to RM173.84 million, the Kuching-based construction and property development group said in a filing with Bursa Malaysia today.
While recording higher revenue, HSL's property development business was affected by lower profit margin due to discounts and some increase in construction cost
In a press statement, managing director Datuk Paul Yu Chee Hoe said its order book at RM3.4 billion, with some RM2.5 billion unbilled, would keep the group busy on work execution as its mega-projects were progressing well into their mid-phases.
‘’As the Sarawak state government continues to roll out infrastructure projects such as the coastal road and trunk road projects as well as waterworks projects, the group is positive that it will be able to participate and benefit from the effects of vibrant development across the state and construction industry,” he said.
HSL's ongoing mega projects include Package 7 of the Pan Borneo Highway contract and centralised sewerage works (tunneling) projects in Kuching and Miri, Sarawak.
In the property development sector, the group has more than RM300 million worth of ongoing projects.