KUALA LUMPUR (May 25): Eversendai Corp Bhd posted a first quarter net profit at RM15.26 million versus a net loss of RM50.43 million a year earlier mainly on the absence of financial-asset losses during the quarter in review.

Eversendai's businesses include steel fabrication besides oil and gas support services. In a statement to Bursa Malaysia today, Eversendai said revenue fell to RM395.97 million in the first quarter ended March 31, 2017 from RM440.73 million.

"The loss for the first quarter last year was mainly due to the impact on fair value of financial assets amounting to RM62.6 million.

"The group has secured approximately RM1.3 billion new contracts to-date. As at 31 March 2017, the group’s order book stood at approximately RM2.9 billion. Approximately 46.1% of the order book came from the group’s traditional stronghold in the Middle East region, 20.8% from South East Asia, 19.4% from India and the remaining 13.7% are from the oil and gas segment," Eversendai said.

Eversendai said with its current order book, the group was confident of achieving higher revenue and profitability.