Ong believes the group will register “better” financial performance for the financial year ending March 31, 2016 (FY16), as Bintai Kinden’s net profit is not expected to be weighed down by impairments of receivables anymore.
Speaking to reporters after a signing ceremony here yesterday, executive vice-chairman Ong Puay Koon said he doesn’t foresee the company incurring additional impairment for the coming quarters.
“The impairment was historical, we’re trying our best to negotiate (with developers). Due to the new financial system, we’ve to write it off first, but we’re still proceeding in collections.
“Whatever we can collect will be written back in the future,” he said.
Those contra kakis that entered 2 days ago and short term players exiting. Won so many projects and impairment write off will contribute higher financial profit.
price stuck mainly due to the director ong told the sun : I was non-committal on whether the company could be profitable for financial year ending March 31, 2016 (FY16).
OTHERS Bintai Kinden Corporation Berhad (BINTAI or Company) - Letter of Award BINTAI KINDEN CORPORATION BERHAD
Type Announcement Subject OTHERS Description Bintai Kinden Corporation Berhad (BINTAI or Company) - Letter of Award The Board of Directors of BINTAI is pleased to announce that Bintai Kindenko (Vietnam) Co., Ltd., a wholly owned subsidiary of Bintai Kindenko Pte Ltd (69.82% subsidiary of the Company) has on 22 January 2016, accepted a Letter of Award from the Main Contractor namely Hoa Binh Construction & Real Estate Corporation in undertaking the works of Manufacture, Fabrication, Supply, Delivery, Installation, Testing, Commissioning, Warranty and Maintenance of ACMV System for the proposed project known as “Main Contract Package (Tower Development) Saigon Centre – Phase 2 & 3” (“Project”) for a Contract Sum of VND167,000,000,000 (Vietnam Dongs One Hundred and Sixty Seven Billion) or equivalent to approximately RM32,064,000 (Ringgit Malaysia Thirty Two Million and Sixty Four Thousand) [based on the current exchange rate of 100 VND : RM0.0192].
The scope of work of the Project covers the development of the Saigon Centre Phase 2 & 3 which include tower development works from the Interlink Building to the existing building and is estimated to be completed by November 2017.
The Project will not have any effect on the issued and paid up share capital of the Company and is not expected to have any material effect on the earnings, earnings per share, net assets per share and gearing of the Group for financial year ending 31 March 2016. However, it is expected to contribute positively towards the future earnings of BINTAI Group.
None of the Directors and/or major shareholders of BINTAI or persons connected with them have any interests, direct or indirect, in the Project.
Previously when price abt 0.25+/- also same, takes time to move towards 0.30 - 0.355. Now just stuck at 0.33 - 0.34 range, should have break 0.40 with good news of project won recently if market good.
With the latest project won, January total amount RM9.4 million, RM120 million and RM 32million.
More projects coming in the line. Bintai Kinden Corp Bhd is bidding for RM1.2 billion worth of projects in Malaysia and is working with various parties to participate in the MRT project. http://www.thesundaily.my/news/1383654
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sky2
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Posted by sky2 > 2016-01-21 14:10 | Report Abuse
That is why I said read the Edge