MINETECH UNIT GETS SUB-CONTRACT JOB FROM VALSA SARAWAK

KUALA LUMPUR, June 11 -- Engineering services company Minetech Resources Bhd’s 55 per cent owned subsidiary Konsep Khas Sdn Bhd has accepted a letter of award (LOA) from total communications infrastructure solutions provider Valsa (Sarawak) Sdn Bhd for a sub-contract work.

The work involves supplying labour, materials and machinery for the designing, constructing, completing, testing and commissioning of telecommunication structures in Sarawak, an initiative under the Malaysian Communications and Multimedia Commission’s universal service provisions.

In a filing with Bursa Malaysia today, the company said following the acceptance of the LOA, the parties have agreed to execute a sub-contract agreement based on the terms of the LOA within 30 days from the date of acceptance.

It said the contract value and commencement date of the sub-contract work will be announced upon the signing of the agreement.

In a separate filing, Minetech reported a net profit of RM916,000 for the financial year ended March 31, 2021 compared to a net loss of RM20.44 million the last financial year.

Revenue increased 15.5 per cent to RM95.02 million from RM82.24 million a year ago.

Executive chairman Datuk Awang Daud Awang Putera said despite the global cataclysm, the Movement Control Order and tight standard operating procedures, the company is positive that infrastructure development projects will continue to progress.

“Minetech is bullish that the upward trend will continue this year, especially since infrastructure development projects are part of the nation-building exercise.

“We are expecting to achieve ameliorate operating margin this year through various diversifications into technology and innovation as well as via penetration into second-tier construction activities,” he added.

-- BERNAMA