KUALA LUMPUR (Oct 29): Water meter manufacturer and contruction company George Kent (M) Bhd receives a Letter of Award (LOA) from the Ministry of Health (MOH) to design and build Phase two of the Kuala Lipis Hospital (Lipis Two) for a contract sum of RM57 million.

“The project is to be completed over a period of 30 months and is due for completion in April 2017,” said George Kent in an announcement to Bursa Malaysia.

 “This is in line with the group’s long term strategy to actively bid for current and up-coming infrastructure and engineering related projects,” it added.

 Lipis Two is the second MOH project awarded to George Kent, and is an extension of Phase one that was completed in 2012, which worth RM97.75 million.

 “Bagging Phase two of the Kuala Lipis hospital is a testament to the quality and efficiency displayed in Phase one which was delivered on schedule and within budget,” the group says.

 George Kent also expects that the contract would positively contribute to its earnings.

 The group achieved net profit of RM6.1 million for the second quarter ended July 31, up 20% from RM5.1 million in the previous corresponding period. However, its revenue dropped 9.5% to RM75.04 million from RM82.95 million in the previous corresponding period.

 George Kent closed unchanged at RM1.48 today with 284,500 shares transacted, giving it a market capitalisation of RM444.61 million.