Econpile starts FY19 on strong footing

This article first appeared in The Edge Financial Daily, on July 10, 2018.
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KUALA LUMPUR: Piling and foundation specialist Econpile Holdings Bhd started the new financial year ending June 30, 2019 (FY19) on a strong footing, bagging a RM122 million contract to undertake working bored piles for the proposed Pavilion Damansara Heights (Parcel 2) mixed development on Jalan Damanlela here.

In a statement yesterday, Econpile executive director and group chief executive officer Raymond Pang said this brings the group’s current order book to RM1.2 billion, to be recognised over two years.

It is the group’s second contract win for the project’s phase two, after securing an RM18 million contract for contiguous bored piling in September last year. It was also awarded a RM570.1 million contract to undertake bored piling and substructure works for phase one in February 2017.

In a separate filing with Bursa Malaysia, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd (EMSB) last Friday received a letter of award from Jendela Mayang Sdn Bhd to undertake the construction and completion of working bored piles for phase two. The contract’s overall duration is 13 months.

“The contract is the mainstream business of EMSB and is expected to contribute positively to the group’s revenue and earnings for FY19,” said Econpile.

Pang said the smooth work progress for Pavilion Damansara Heights’ phase two positively indicates the market’s confidence in property developments in prime locations.