KNM Group Bhd won the bid for a US$71.63 million (RM217.8 million) contract for the development of a documentation and equipment supply facility “booster compressor station” at the Khauzak site in the Republic of Uzbekistan.The job was secured from Lukoil Uzbekistan Operating Co for a duration of 24 months from the date of commencement of contract and subject to contract signing.
KNM also announced that it recorded a lower net profit of RM19 million for 1QFY11 ended March 31, versus RM40.3 million previously. This was due to a lower tax writeback during the quarter.
Nonetheless, revenue for 1Q rose 10.6% y-o-y to RM413 million while operating profit also increased to RM16.8 million from RM11.3 million a year ago. The group attributed the better operating performance to higher revenue recognised and better margins.