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May 2004SPK-Sentosa casts eyes abroad

21st May, 2004, The Edge – Financial Daily

By Reese Loh

SPK-Sentosa Corporation Bhd is looking to expand its operations overseas this year to boost growth, following a major internal restructuring that saw the injection of SPK Bhd’s construction division as the group’s new growth driver.

SPK-Sentosa managing director Saiful Aznir Shahabudin said the group was looking at expanding to the Middle East and Africa and it had submitted bids for projects there.

He said the group was confident of a better performance this year, supported by the strong contributions from its buildings with their 95% occupation rate and secured contracts from its construction and property divisions.

“We have also submitted over RM4 billion tenders for local and overseas construction works and are confident of success in some of the bids,” he told reporters after the group’s AGM and EGM in Kuala Lumpur yesterday.

The group currently has RM1.2 billion construction projects in hand, including the RM480 million Hospital Temerloh, the Jalan Duta government quarters (RM199.7 million) and Jalan Duta access road (RM55.5 million).

SPK-Sentosa had also set up a 50:50 joint venture with Malaysian Resources Corporation Bhd unit Transmission Technology Sdn Bhd (TTSB) to work on the RM400 million East-West grid electricity transmission project in Sabah, targeted for completion by mid-2005.

The group’s property division is currently undertaking two major projects in a 48ha development at Bandar Menjalara, Kuala Lumpur and a 2,800ha development in Bandar Amanjaya, Sungai Petani, with current development value totalling RM600 million.

For the financial year ended Dec 31, 2003 the group posted a net profit of RM15.41 million against net loss of RM1.52 million a year ago. Turnover jumped to RM122.79 million from RM2.92 million in 2002.

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