Kimlun 4Q profit dips 4.8%, proposes 3.7 sen dividend

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KUALA LUMPUR (Feb 28): Kimlun Corp Bhd's net profit for the fourth quarter ended Dec 31, 2018 fell 4.8% year-on-year (y-o-y) to RM22.93 million from RM24.08 million, due mainly to higher finance cost.

In a filing to the bourse today, Kimlun said its revenue for the quarter slipped to RM310.73 million from RM372.13 million in the preceding year.

Earnings per share dipped to 6.91 sen versus 7.53 sen previously.

Kimlun proposed a final dividend of 3.7 sen per share, subject to the approval of shareholders and payable on a date to be determined later.

For the financial year ended Dec 31, Kimlun's net profit dropped 10.7% y-o-y to RM61.14 million from RM68.48 million. Revenue was higher at RM1.01 billion compared to RM985.19 million previously.

On its prospects, Kimlun said it has an estimated construction and manufacturing balance order book of approximately RM1.9 billion and RM300 million respectively as at Dec 31 last year, contributed by numerous construction and supply contracts.

"The board is positive of the performance of the group in 2019 as the balance order book is expected to support the group's performance in 2019.

"The group will continue to actively bid for new construction projects in Malaysia, in particular those in relation to affordable housing development which continue to receive strong demand from the low and middle income group," it said.