KUALA LUMPUR (Sept 2): Econpile Holdings Bhd (KL:ECONBHD) has secured a RM71.2 million contract to undertake demolition, substructure and basement work for a 55-storey building located along Jalan Sultan Ismail, Kuala Lumpur.

The contract was awarded to its wholly-owned subsidiary, Econpile (M) Sdn Bhd, from Platinum Victory Property Sdn Bhd, according to the construction firm's filing with the local stock exchange on Monday.

The work is expected to be completed within 28 months starting from September 2, Econpile said.

The loss-making company added that it expects the contract to contribute positively to its revenue and earnings from the financial year ending June 30, 2025 onwards.

Econpile has been in the red for twelve consecutive quarters. For the financial year ended June 30, 2024 (FY2024), its net loss widened to RM25.2 million from RM15.7 million the previous year, despite an 11.1% increase in revenue to RM417.6 million from RM376 million.

Shares in Econpile closed 1.5 sen or 3.8% higher at 41 sen on Monday, giving the company a market capitalisation of RM573.91 million.