Gadang bidding for projects worth over RM2b

GADANG Holdings Bhd, a construction and property development firm, is bidding for more than RM2 billion worth of projects in the country, which include works for the new low-cost carrier terminal in Sepang and the gas-fired power plant in Kimanis, Sabah.

The bidding period for both projects will close by next month.

"With the company's past track record and strength in this field, we hope to secure some works from the projects we have bid for," managing director Tan Sri Kok Onn said after the group's annual general meeting in Kuala Lumpur yesterday.

On its water business project in Indonesia, Kok said revenue is expected to rise by 50 per cent for the current fiscal year ending May 31 2010, from RM11.4 million a year ago.
In the next three to five years, Gadang will see water business contribute RM40 million to its revenue once the expansion plans come into place. "We are eyeing Vietnam and China next to expand our water business," Kok said.

The group's property business stands at a gross development value of RM630 million, which will keep it busy for the next five years.

For the financial period ended May 31 2009, Gadang posted a net profit of RM9.7 million on revenue of RM247 million. Net profit fell by 15 per cent compared with the same period a year ago.

By Business Times (by Zurinna Raja Adam)