KUALA LUMPUR: Anzo Holdings Bhd is bidding for construction jobs worth over RM300 million from the public and private sectors to inch up its earnings, company officials said.
The aim is to sustain continued profitability via the company's organic growth strategy in the core construction business for the financial year 2018 and onwards, said an official.
The construction and timber product manufacturing group returned to the black in the last quarter of its fiscal year 2017 after 16 consecutive loss-making quarters.
For the fourth quarter ended March 31, 2017 Anzo recorded an unaudited net profit of RM1.27 million from a net loss of RM3.84 million posted in the same quarter a year ago.
For the 12-month period, Anzo’s net loss narrowed to RM4.63 million from RM10.85 million, on the back of increased revenue of RM12.26 million from RM6.11 million.
Anzo managing director Datuk Eddie Chai said previously that the company is on the right path to sustainable profitability.
For the first three months of its current financial year ending March 31, 2018, Anzo registered a net profit of RM741,000 versus a net loss of RM2.65 million in the same period last year.
"We are bidding for contracts to build high-rise buildings, both residential and commercial in Greater Kuala Lumpur and Melaka where there are a lot of construction activities.
"The contracts are worth each between RM100 million and RM150 million and we hope to secure them in the first half of next year," said the official.
This year Anzo has won close to RM1.4 billion worth of contracts in Selangor and Melaka through its subsidiary, Harvest Court Construction Sdn Bhd.
The biggest job is a construction contract worth RM1.21 billion for the Paragon@KL Northgate mixed development in Gombak district.
In Melaka, Harvest Court received a letter of intent (LoI) for a RM109.3 million contract to undertake Phase 2 of the Porto De Melaka Hotel and Resort development.
The LoI was from Tinta Anggun Engineering Sdn Bhd, which in October 2015 had awarded Harvest Court a RM153 million contract to construct 120 units of service suites and 24 spa villas under Phase 1 of the Porto De Melaka Hotel and Resort development.
Harvest Court also won a RM10.17 million job from KL Northgate Sdn Bhd to revitalise Selayang Hot Spring near Selangor's Batu Caves.