Econpile's 3Q net profit surges 128%

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KUALA LUMPUR (May 19): Econpile Holdings Bhd posted a net profit of RM12.5 million for the third financial quarter ended March 31, a 128% jump from RM5.5 million in the previous corresponding quarter.

Revenue was also higher, as the group reported a 30% increase from RM87.6 million to RM114.1 million in 3Q15.

In a statement today, the piling and foundation specialist attributed the group’s financial improvement to lower operating expenses and improved efficiency.

“Econpile’s strong performance thus far, indicated the group’s increased efficiency and our ability to ride the wave of development in the country, particularly in the high-rise property segment,” said its group CEO Raymond Pang.

He added that the outlook for the company looks bright, in view of the government’s decision to undertake more infrastructure projects such as the MRT 2 and LRT 3.

“We are positioning ourselves to tender for these major infrastructure projects, as they come.”

Econpile’s orderbook as at March 31 amounts to over RM517 million, and it is tendering for over RM1 billion worth of projects, predominantly in the Klang Valley area.

Econpile share price gained 4.5% to RM1.16 today, with 6.36 million shares traded. Its market capitalisation was RM609.9 million.