Friday 29 Mar 2024
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KUALA LUMPUR (Nov 21): Willowglen MSC Bhd’s wholly-owned subsidiary has won a RM14.2 million contract from Singapore Power for installation of security system.

Under the contract, the wholly-owned unit Willowglen Services Pte Ltd will supply and install an intruder detection system for distribution substations, according to the company’s announcement to Bursa Malaysia.

The contract, which commenced on Nov 14, this year, will be completed by Nov 13, 2016, said Willowglen.

The contract is expected to contribute positively to the company’s earnings and net assets per share for the financial years ending Dec 31, 2015 and 2016.

Willowglen posted lower net profit of RM3.84 million in the third quarter ended Sept 30, down 28.7% against RM5.39 million in the previous corresponding period. Earnings per share shrank to 1.58 sen from 2.22 sen a year ago. Revenue came in at RM23.9 million compared with RM28.9 million previously.

For the nine-month period ended Sept 30, the company’s net profit was also lower at RM11.8 million against RM12.95 million in the previous corresponding period. Revenue was slightly higher at RM72.76 million compared with RM72 million a year ago.

Willowglen share price gained one sen or 1.3% to 81 sen today, translating to a market capitalisation of RM195.93 million.

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