http://www.thesundaily.my/news/2169044

Zelan loss widens in fourth quarter due to provisions

PETALING JAYA: Losses at Engineering and construction company Zelan Bhd widened in the fourth quarter ended Dec 31, 2016, due to provisions of RM16.4 million for rectification of defect work and diminution in carrying value of long-term receivables of RM25.9 million as payments due were further delayed.

The group registered a net loss of RM38.3 million for the quarter, compared with RM18.5 million for the same quarter in the year before.

This was on a 44% drop in revenue to RM64.7 million, compared with RM115.8 million for the corresponding quarter in 2015.

The group expects the International Islamic Unveristy Malaysia Foundation Center project to be completed by May 2017 and will be expecting the revenue from availability charges and asset management services beginning from third quarter 2017.

In addition, earnings is expected to improve based on the contribution from Sungai Besi-Ulu Kelang Highway project in 2017.

The group will continue to take positive steps to improve the group’s performance through continuous assessment of internal and external risks, implementation of strategies to control costs and to remain focus in achieving long-term sustainable growth while delivering value to shareholders.

For the full year ended Dec 31, 2016, Zelan swung to a net loss of RM68.25 million, compared with RM30.49 million for the same period in 2015.

Revenue for the year was also almost halved to RM222.27 million, compared with RM412.97 million for the same period in 2015.

http://www.thesundaily.my/news/2169044

PN17 is waiting

Sorry to say bro i_investor, zelan still struggling to complete thier show room office in BBCC Project right now. Everyday I passing by thru Pudu Jail and I saw they still fixing wall clading. My observation on that project around 65% completed.

There will be an announcement of thier new MD early February.

CNY very near & GE 14 will come soon