business

Zelan narrows pre-tax loss to RM64.84m

KUALA LUMPUR: Zelan Bhd has narrowed its pre-tax loss for the financial year ended Dec 31, 2017 to RM64.84 million from a pre-tax loss of RM67.06 million in 2016.

In a filing to Bursa Malaysia, Zelan said its revenue dropped significantly by 68.1 per cent to RM71.07 million from RM222.79 million previously due to the completion of three main projects.

It said the lower revenue resulted from the completion of the Bukit Bintang City Centre project, Material Off-Loading Facility Jetty and International Islamic University Malaysia projects, as well as the major phases of the Drawbridge project.

However, the decline was mitigated by a new project, namely the Sungai Besi-Ulu Klang Elevated Expressway (SUKE) Pakage CB2 which was secured in August 2016, it added.

For the fourth quarter ended Dec 31, 2017, its pre-tax loss widened to RM59.34 million from a pre-tax loss of RM39.74 million, while revenue dropped to RM17.38 million from RM65.11 million.

Going forward, Zelan said it would continue to bid for construction projects and implement strategies to control costs, as well as manage its business with diligence and remain cautious of its future prospects.-- Bernama

Most Popular
Related Article
Says Stories