KUALA LUMPUR (Feb 3): Ikhmas Jaya Sdn Bhd has been awarded a sub-contract project worth RM65.3 million for a bridge construction in Melaka, from Kayangan Kemas Sdn Bhd.

The wholly-owned subsidiary of Ikhmas Jaya Group Bhd accepted the letter of award (LoA) from Kayangan Kemas for the supply of materials, labour and machinery for the bridge construction project at Interchange no. 7, including bore piling works at Peringgit Interchange and Associated Works.  

In a bourse filing with Bursa Malaysia today, the group said the 18 months sub-contract work is expected to commence on March 2016, and be completed by Aug 2017.

“The project is expected to contribute positively to Ikhmas’s earnings and net assets for the financial year ending Dec 31, 2016,” it said.

For the third quarter of financial year ended Sept 30, 2015 (3QFY15), Ikhmas Jaya posted a net profit of RM7.44 million, a 6.4% increase from RM6.99 million posted a year before. Revenue meanwhile, was 11.6% lower at RM63.52 million, from RM71.84 million in 3QFY14.

For the nine months period (9MFY15), net profit jumped 44.9% to RM22.88 million from RM15.78 million, while revenue inched slightly higher at RM204.28 million, from RM198.54 million in 9MFY14.

Ikhmas Jaya closed 0.5 sen or 0.79% higher at 64 sen today, with 131,200 shares traded, giving it a market value of RM332.8 million.