Scomi Engineering Bhd has targeted its overseas market to contribute about 80 per cent of its revenue going forward.
The overseas business would be the main growth driver as the local market for the rail industry was relatively small. The Mumbai project is a good test bed that stamps approval for it to move forward globally among the major players such as Bombardier and Hitachi.
Scomi Engineering and Indian partner, Larsen and Toubro Ltd, won a RM1.85 billion contract to build a monorail system in the Mumbai Metropolitan Region in November 2008. The 20km monorail route stretches from the west side of Mumbai at Gadge Maharaj Chowk (Jacob's Circle) heading north-east to Chembur via Wadala, with one central depot and 18 user-friendly and highly-secured stations. The Indian project contributed 40 per cent to the revenue last year and is expected to contribute 30 per cent this year and in 2011.
The overseas business would be the main growth driver as the local market for the rail industry was relatively small. The Mumbai project is a good test bed that stamps approval for it to move forward globally among the major players such as Bombardier and Hitachi.
Scomi Engineering and Indian partner, Larsen and Toubro Ltd, won a RM1.85 billion contract to build a monorail system in the Mumbai Metropolitan Region in November 2008. The 20km monorail route stretches from the west side of Mumbai at Gadge Maharaj Chowk (Jacob's Circle) heading north-east to Chembur via Wadala, with one central depot and 18 user-friendly and highly-secured stations. The Indian project contributed 40 per cent to the revenue last year and is expected to contribute 30 per cent this year and in 2011.
In 2009, Scomi recorded a revenue of RM573 million.
To-date (Till Sept 2010) Scomi Engineering has submitted tenders for Manaus Monorail and Tirradentes Monorail project in Brazil. It is also looking into securing the Pune Monorail Project, Thane-Bhiwandi-Kalyan Monorail Project and Bangalore Monorail Project in India.
They are already working towards tapping projects in Saudi Arabia. Going forward, they are eyeing Thailand, Jakarta and Sri Lanka. They are among the developing nations that plan to develop mass transport infrastructures.
India has nine monorail plans with 184 km in its masterplan while Brazil has identified 23 monorail lines with the World Cup 2014.
On the local front, Scomi Engineering has tendered for KL monorail fleet expansion project and is looking into Kelana Jaya Line light rail transit (LRT) and Ampang Line LRT expansion projects.
Scomi Engineering has reported a lower pre-tax profit of RM1.595 million for its second quarter ended June 30, compared with RM29.283 million in the same quarter last year.
The drop is due to its overall estimate of cost increase for the Mumbai project and potential delay experienced by its Indian client.
They are already working towards tapping projects in Saudi Arabia. Going forward, they are eyeing Thailand, Jakarta and Sri Lanka. They are among the developing nations that plan to develop mass transport infrastructures.
India has nine monorail plans with 184 km in its masterplan while Brazil has identified 23 monorail lines with the World Cup 2014.
On the local front, Scomi Engineering has tendered for KL monorail fleet expansion project and is looking into Kelana Jaya Line light rail transit (LRT) and Ampang Line LRT expansion projects.
Scomi Engineering has reported a lower pre-tax profit of RM1.595 million for its second quarter ended June 30, compared with RM29.283 million in the same quarter last year.
The drop is due to its overall estimate of cost increase for the Mumbai project and potential delay experienced by its Indian client.
Hi bro,
ReplyDeleteAny reason y u posted this stock now?? I hv been waiting 4 its annoucement clinching overseas contract but extremely dissapointed...and even their final dividend 4 FY2009 is still not coming yet. Latest rumuor is Bombardier oledi clinched the Sao Paulo job. India jobs also not coming. U definitely need a lot of patience from her.
Hi Surewin1woh,
ReplyDeleteI'm not sure abbout the rumuor you mentioned, nobody could know the outcome of their deal, unless u know someone work inside.
As for the financial result, the 3rd will only anounce Begining Nov, base on track record, they will only pay dividen 4th/final quater. I think you have to be patience.
Regards, BHK