Protasco bags RM58m road job

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KUALA LUMPUR (Apr 3): Protasco Bhd has bagged a RM58 million contract for main civil and infrastructure works to connect the road between Jalan Klang Lama and the New Pantai Expressway (NPE).

The project was awarded by Malaysian Resources Corp Bhd's unit Gelanggang Harapan Construction Sdn Bhd.

"The works are to be completed by Sept 30, 2016. The works are expected to contribute positively to the earnings of Protasco Group for the financial year ending Dec 31, 2015," Protasco (fundamental: 1.15; valuation: 1.2) said in a filing with Bursa Malaysia today.  

Protasco was awarded a road maintenance project yesterday for federal roads worth RM77 million by the Sarawak Public Works Department on April 2, 2015.

In a separate statement today, Protasco executive vice-chairman and group managing director Datuk Seri Chong Ket Pen said the two projects are expected to contribute positively to Protasco’s year-end results.

Protasco shares closed down 0.65% at RM1.53 today, bringing a market capitalisation of RM514.88 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)