The Independent

Anzo gearing up with more jobs on the block

Generic picture of KL

Anzo Holdings Bhd plans to bid for several construction jobs in Greater Kuala Lumpur to sustain its profit level, amid market uncertainties.

According to a company official, Anzo is also gearing up to launch Paragon@KL Northgate, a mixed development in Selayang.

The 18-acre Paragon@KL Northgate, which carries a gross development value (GDV) of RM3.6 billion, is expected to start construction in the next couple of months.

Anzo recorded an unaudited net profit of RM1.27 million in the fourth quarter ended March 31, 2017 as versus to a net loss of RM3.84 million in the same quarter a year ago.

For the full year, the company’s net loss narrowed to RM4.63 million from RM10.85 million.

Revenue increased to RM12.26 million from RM6.11 million a year ago.

“We have implemented several strategies and plans, to turnaround the company. We are on the right track.

As you can see, for the first three months of the fiscal year 2018, Anzomade a net profit of RM741,000 as compared to a net loss of RM2.65 million during the same period last year and we want to keep the momentum going.

“We are actively bidding for jobs. We are interested in building contracts as that is where we have expertise. Whenever new projects are announced, we will undertake a due diligence and then decide whether to bid for the job or not.

“We are not going to bid for every project that comes to the market. We will be selective in order to safeguard the company’s cash flow and earnings” said the official.

So far this year Anzo has won a construction contract worth RM1.21 billion for Paragon@KL Northgate. The contract was awarded to its subsidiary, Harvest Court Construction Sdn Bhd together with MCC Overseas (M) Sdn Bhd.

Harvest Court also 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 in Melaka. This is on top of the RM153 million contract won under Phase 1 to build 120 service suite units and 24 spa villas of the same development.

The official said that Anzo expects to start work to build four signature office towers and a car showroom center in Petaling Jaya in the second quarter of next year.

Its units, Harvest Court Properties Sdn Bhd has entered into a collaboration agreement with Captivate Max Sdn Bhd (CMSB) to develop the properties on 2.87 acres of land fronting the Federal Highway.

Harvest Court will build the properties for CMSB, being the landowner, for a contract value of RM150 million.

It was reported that the estimated gross development value of the whole project is RM420 million.