KUALA LUMPUR: Construction player Bina Puri Holdings Bhd expect bottomline contribution to increase between 20 per cent to 30 per cent coming from its Indonesian indirect subsidiary PT Megapower Makmur Tbk this year.
Reiterating that listing exercise of PT Megapower in the Indonesia Stock Exchange (IDX) on 15 July is on track, group executive director Datuk Matthew Tee said the company will be tapping more opportunities for growth in the Indonesian power sector.
"Post listing of PT Megapower, we will be looking at other area within the power sector for growth in Indonesia," he told reporters after the company's AGM here earlier today.
As a micro power generation outfit, PT Megapower operates in the scope of leasing and operating, including maintenance services of diesel engine generators and mini hydro power plants to generate electricity for state-owned PT Perusahaan Listrik Negara (PLN).
PT Megapower is an 80% owned subsidiary of Bina Puri Power Sdn Bhd, which in turn is 80% owned by Bina Puri Holdings.
Currently, Bina Puri is the final stages for the listing and expects the exercise will boost its power supply division and position Bina Puri Power to have a bigger presence in Indonesia.
For the financial year ended 31 December 2016, Bina Puri posted total revenue of RM1.0 billion, a slight dip as compared to the RM1.2 billion registered in 2015.
Profit before tax stood at RM26.8 million for the year under review against the RM35.7 million reported for the previous year.
The company's order book order stands at nearly RM3.1 billion, whilst our total unbuilt projects as at December 2016 stands at a RM1.9 billion.