Hock Seng Lee set to clinch RM1b worth of projects

Hock Seng Lee set to clinch RM1b worth of projects
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MD: Impact of 9MP kicking in for Sarawak

KUCHING: Hock Seng Lee Bhd (HSL) is in the advanced stages of procuring some RM1bil of projects it has bid for under the Ninth Malaysia Plan (9MP), said group managing director Paul Yu Chee Hoe.

He said the projects included the proposed Kuching wastewater management project, Sibu flood mitigation project, a housing and educational institution project in Bintulu.

“We are seeing the impact of the 9MP kicking in for Sarawak with major infrastructure work taking off,” he said in a statement to announce the company’s first half-year financial performance yesterday.

Yu said the group was confident of achieving strong growth as it had secured projects of higher value, and was able to leverage on its land reclamation and marine engineering expertise.

Paul Yu Chee Hoe
The group secured some RM400mil worth of projects during the first six months of this year, bringing its total order book to RM930mil.

These new projects include reclamation and infrastructure works in Tanjung Manis, Mukah Division, a flood mitigation project in Miri as well as road and housing projects.

“With many projects in their demanding start-up phases now, the group can expect revenue to pick up as we head into 2008.”

He said group revenue for the second quarter jumped to RM62.8mil, up from RM59.6mil in the first quarter. It posted a pre-tax profit of RM13.5mil against RM11.7mil in the previous corresponding period.

Yu said the group’s wholly-owned property arm Hock Seng Lee Construction Sdn Bhd had achieved fast growth and contributed 23% to group turnover for the first half, up from 15% in the same period last year.

HSL has announced an 8 sen per share interim dividend to be paid on Oct 8.