News

WZ Satu's unit bags Petronas Carigali contract worth RM120 mln

WZ Satu Bhd

KUALA LUMPUR, July 1 -- WZ Satu Bhd’s wholly-owned subsidiary, WZS Misi Setia Sdn Bhd and its consortium partner, UMD Energy Sdn Bhd has secured a contract from PETRONAS Carigali Sdn Bhd worth RM120 million. 

In a filing with Bursa Malaysia today, WZ Satu said the contract entails the provision of engineering, procurement, construction, installation and commissioning of PM 309 Gas Ledang Redev Segment 2 (Ledang S2) development project. 

The contract is for a duration of 16 months, and it is expected to be completed in October 2021.

"The company does not foresee any exceptional risk factors other than the normal operational risks associated with the contract and will take the necessary steps to mitigate these risks as and when it occurs," it said. 

It added that the contract is expected to contribute positively to the company’s future earnings and net assets per share for the financial years ending Aug 31, 2021 and Aug 31, 2022.

Meanwhile, in the second quarter of the financial year 2020 ending Aug 31, 2020, the construction and civil engineering company had narrowed its net loss to RM7.96 million from RM17.05 million in the same quarter last year. 

Revenue had decreased to RM80.90 million compared with RM86.05 million previously.  

-- BERNAMA

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