KUALA LUMPUR (March 16): Inta Bina Group Bhd has been awarded an RM79.9 million contract to construct homes in Ijok, Selangor, close to Bandar Puncak Alam.
Paragon Pinnacle Sdn Bhd, a division of Eco World Development Bhd, was given the job of awarding the contract to construct 300 units of double-storey homes at the Eco Grandeur township.
According to Inta Bina in a Bursa Malaysia filing, the construction period would last 16 months and will start on April 14, the day site possession was granted.
The arrangement “is expected to contribute favourably towards the future earnings of Inta Bina during the life of the contract, barring any unforeseen events,” the business stated.
For the fourth quarter that concluded on December 31, 2022, Inta Bina reported a net profit of RM1.46 million, a decrease of 36.52% from RM2.30 million a year earlier. Construction of residential and commercial properties increased quarterly income by 11.36% to RM122.94 million from RM110.40 million, but this improvement was partially offset by rising labour and raw material costs.
Despite revenue increasing 38.78% to RM466.27 million from RM335.98 million, the group’s net profit for the entire year decreased 19.44% to RM9.49 million from RM11.78 million in 2021.
On March 16, Inta Bina’s shares dropped 0.5 sen, or 2.22%, to end at 22 sen, giving the company a market value of RM117.85 million.
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Source: TheEdgeMarket
