KUALA LUMPUR: Mintech Resources Bhd's net loss narrowed to RM0.167 million in the third quarter ended Dec 31, 2023 from RM0.470 million churned out in the same quarter last year.
This was mainly due to additional cost incurred in one of the infrastructure projects and additional drilling as well as overhaul works in Selinsing hold mine.
Group revenue eased to RM35.95 million in the same quarter compared to RM36.34 million registered a year earlier, it said in a filing with Bursa Malaysia.
Minetech said its civil engineering division demonstrated robust growth, contributing RM25.9 million in revenue with an operating profit of RM3.0 million, bolstered by significant work volume increases at the Selinsing gold mine and new ventures like the Banting Industrial Park road and drainage works.
It said a significant highlight for Minetech Construction Sdn Bhd is the renewal of a substantial contract with Able Return Sdn Bhd and Damar Consolidated Exploration Sdn Bhd for the Selinsing gold mine project for RM230.0 million.
"This renewal, effective from Jan 1, 2024 to December 31, 2026, signifies an increase in production volume and contract value, reflecting the expanded mining area and operational scope, setting a positive trajectory for Minetech's future projects," it said.
Minetech chairman Abang Abdillah Izzarim said the company's diverse portfolio and strategic undertakings are laying down the groundwork for enduring success.
As at 5pm, Minetech share price closed at 16 sen for a market capitalisation of RM285.5 million.