KUALA LUMPUR (Sept 21): Aviation academy APFT Bhd (APFT)’s diversification into the oil and gas industry has seen the sector contributing 70% to the group’s revenue last year and the group is confident of shrinking its losses by next year.

Its executive chairman Datuk Faruk Othman told a press conference after the group’s annual general meeting (AGM) and emergency general meeting (EGM) that currently, its 51%-owned subsidiary, PT Technic (M) Sdn Bhd (PTTM), has a tender book of RM100 million to RM150 million.

“We are going to make the announcement in two to three days’ time. Our tender book right now is around RM100 to RM150 million. It’s a one year job for PTTM. And we are looking for more jobs. We were focusing on Pengerang’s Rapid project, but that was deferred by the government.

“We are still there (at Pengerang) and once it receives the government’s green light, we will start. But… whether or not I can turn the losses around by next year… It’s already September right now, but I do foresee a loss reduction (for next year),” Faruk said.

APFT acquired 51% of PTTM in 2013, to mitigate losses in their flight school.

Moving forward, Faruk is confident the oil and gas sector will recover and that the group’s future is in oil and gas.

“After we looked at our order book, I think the future is there (in oil and gas). The issue now is whether we have the financial means and skills to do it. I am confident that PTTM staff have got all the experience needed.

“Our concern now is to get the financial back up and banks are quite shy to give a straight loan, unless you have the experience to do it. But if you ask me about jobs… personally, I think it’s quite positive.

“If I get one job, my margin is quite good: 10 to 15%,” said Faruk.