Scomi: Monorail prospects ‘bright’ despite third quarter loss

Scomi’s transport division has recorded a loss of RM3.7 million despite a boost in revenue from monorail projects in Malaysia and Brazil.

In a report of the company’s third quarter results, Scomi said it will now “focus on project execution in its KL and Brazil monorail projects and will endeavour to complete its portion of work on the Mumbai monorail project within agreed timelines”.

Scomi Engineering, along with CR Almedia, Mendes Junior and Serveng, is building the 20km monorail system for the Brazil 2014 host city of Manaus.

Although revenue went up in Q3 from RM76.5 million to RM92.99 million, the weakening of the Indian Rupee and Brazilian Real against the Malaysian Ringgit resulted in a pre-tax loss of RM3.7 million.

Scomi said it will continue to bid for international monorail projects and expects a “satisfactory” performance in the final quarter of 2012.

The report said: “The global prospect for the monorail requirement is bright and we anticipate more positive developments in the coming 2013. Abroad, more projects will be open for tender in Brazil and India. To date, we have been invited to bid for the Chennai, Kerala and Delhi projects.”