This article first appeared in The Edge Financial Daily on November 30, 2018

KUALA LUMPUR: Eversendai Corp Bhd’s net profit for the third quarter (3Q) ended Sept 30, 2018 fell by 36.92% to RM13.14 million from RM20.83 million a year ago.

In a filing with Bursa Malaysia yesterday, it said this was mainly due to the discontinuation of the operations of its 60% unit, Perisai Kuasa Sdn Bhd, which was announced this May.

Quarterly revenue fell by 3.81% year-on-year to RM423.21 million from RM449.32 million.

For its cumulative nine-month period, net profit fell by 10.93% to RM50.5 million from RM56.7 million a year ago, mainly due to lower revenue recognised and higher finance cost incurred during the current financial period to-date.

Cumulative revenue fell by 7.47% to RM1.21 billion from RM1.31 billion mainly because the contribution from India’s DLF IT Park project fell to RM150.1 million from RM174 million a year ago.

Moving forward, Eversendai said it had secured about  RM1.1 billion new contracts during the nine-month period. Its order book stood at approximately RM2.4 billion as at Sept 30.

Some 56.3% of the jobs are from the Middle East, 20.7% from Malaysia, 16.7% from India and 6.3% from the oil and gas segment.

“With the current order book in hand, it will ensure a steady revenue stream for the future,” it said.