This article first appeared in The Edge Financial Daily on November 28, 2017

KUALA LUMPUR: Steel and construction player Eversendai Bhd’s net profit for its third quarter ended Sept 30 of the financial year 2017 (3QFY17) rose 186% to RM20.83 million from RM7.28 million a year ago, as quarterly revenue climbed 21%.

Interest income ballooned to RM759,000 from RM67,000 a year ago, while dividend income grew to RM3.41 million from RM2.45 million, as operating and administrative expenses declined to RM28.71 million from RM30.32 million previously.

Quarterly revenue grew to RM449.32 million from RM371.36 million year-on-year, its Bursa Malaysia filing showed, on higher contributions from its structural steel and construction businesses in India, Thailand and Singapore.

In the first nine months (9M)of FY17, the group returned to the black with a net profit of RM56.7 million, from a net loss of RM64.43 million a year ago, as revenue gained 6% to RM1.31 billion from RM1.23 billion.

“Moving forward, we are working towards expanding our presence in the Singapore, UK and Australian markets.,” said Eversendai executive chairman and group managing director Tan Sri A K Nathan in a separate statement.