KUALA LUMPUR: AWC Bhd has won a sub-contract worth RM7.17 million for works related to cold water, hot water, rainwater harvesting, sanitary plumbing and the installation of sanitary fittings and ware works for a seven-storey block of luxury apartments in Bukit Damansara, Kuala Lumpur.
The sub-contract period is in accordance with the main contract that started from Nov 1, 2022 until June 30, 2025, AWC said in a stock exchange filing.
AWC said the sub-contract, which was awarded by Lim Hoo Seng Construction Sdn Bhd to AWC's wholly-owned unit Qudotech Sdn Bhd, will contribute positively to the group's earnings.
For the first half of the financial year ending June 30, 2023 (1HFY2023), AWC's net profit fell 13% to RM10.96 million from RM12.59 million a year ago, despite higher revenue, as increased operating costs erode profitability.
Revenue grew 20% to RM192.58 million for 1HFY2023 from RM159.93 million in the previous corresponding period.
Shares of AWC closed unchanged at 51 sen on Wednesday, giving the group a market capitalisation of RM164.57 million.
Source : The Edge Markets