News by theedgemalaysia.com

Eco World Development Bhd (EcoWorld) is on track to meet its sales target of RM3.5 billion in the financial year 2023 (FY2023) as it has achieved 68.5% of the target, which is about RM2.4 billion secured in the first seven months of FY2023, according to analysts.

Gamuda Bhd has renewed Datuk Lin Yun Ling's contract as group managing director, a post he has held for over four decades, for another five years until mid-2028.

Gamuda Bhd’s net profit for the third quarter ended April 30, 2023 (3QFY2023) edged up 0.85% to RM223.36 million from RM221.49 million a year ago, on the back of stronger overseas construction earnings.

JKG Land Bhd posted a 24.2% increase in net profit for its first quarter ended April 30, 2023 (1QFY2024) to RM2.25 million from RM1.81 million a year ago, driven by improved revenue from its property development segment.

The Penang South Island (PSI) reclamation project, which has been scaled down from three islands to one following a request from the prime minister, will finally kick off with Gamuda Bhd starting Phase 1 of the reclamation works worth RM3.717 billion on July 1.

After recently diversifying into property development, office furniture maker AHB Holdings Bhd has proposed to also diversify into the trading of building materials, machineries and equipment in view of rising costs in the increasingly competitive furniture business.

Nomura Research said it was “negatively surprised” by the news of the collapse of the proposed  sale by Genting Malaysia Bhd (GenM) of a 15.5-acre block of land in Miami, Florida for US$1.23 billion.

Sunsuria Bhd’s unit is acquiring 80% equity interest in property developer Mayer Land Sdn Bhd (MLSB) for RM800,000 that will enable it to participate in two Rumah Selangorku projects and a mixed development in Penang that have been awarded to MLSB.

Mah Sing Group Bhd has named former navy chief Admiral (R) Tan Sri Abu Bakar Abdul Jamal as its chairman.

Glomac Bhd’s net profit fell 15.58% to RM13.92 million for its fourth quarter ended April 30, 2023 (4QFY2023), from RM16.49 million a year earlier, mainly due to higher expenses and finance costs.