KUALA LUMPUR (Nov 1): Piling and foundation specialist Pintaras Jaya Bhd (KL:PTARAS) has secured two piling contracts in Singapore worth about RM175 million.

The contracts, which are set to commence this month, were secured through Pintary Foundations Pte Ltd, a wholly owned unit based in Singapore. The name of the client was not disclosed in Pintaras Jaya’s filing with Bursa Malaysia on Friday.

“The projects are to commence in November 2024 with construction periods of four and 30 months,” said Pintaras Jaya, adding that the projects will contribute positively to the group’s earnings for the financial year ending June 30, 2025 (FY2025).

The newly secured contracts bring the aggregate value of piling projects secured by Pintaras Jaya to date for FY2025 to approximately RM242 million.

Pintaras Jaya has reported losses for two consecutive years. The group incurred a wider net loss of RM4.97 million in FY2024, as compared to RM2.12 million a year ago, mainly due to reduced construction activities in Malaysia and lower rates for newly secured contracts in Singapore.

This was further compounded by the recognition of a provision for liquidated damages of RM15.4 million for delivery delays on projects in Malaysia.

Revenue for FY2024 decreased by 8.4%, falling to RM304.92 million from RM333.08 million in FY2023.

Year to date, shares of Main Market-listed Pintaras Jaya had declined by 7.6%, to settle at RM1.46 on Friday, giving it a market capitalisation of RM242.2 million.