KUALA LUMPUR (March 7): Econpile Holdings Bhd (KL:ECONBHD) has clinched a RM27.23 million contract for substructure works for the Setia Federal Hill project (Residential Tower 1) in Kuala Lumpur.

In a bourse filing on Friday, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd had on March 6 received the letter of award from Archimatrix Sdn Bhd, acting on behalf of Setia MF SFH Development Sdn Bhd.

The contract, which spans 13 months starting from March 20, 2025, is expected to contribute positively to the company’s revenue and earnings for the financial year ending June 30, 2025.

For the first half of its financial year ended Dec 31, 2024 (1HFY2025), Econpile posted a net profit of RM120,000 against a net loss of RM10.12 million in the previous year's corresponding period, thanks to higher gross profit contribution from ongoing projects and variation orders claims from a previously completed project.

Revenue, however, declined 37.4% to RM69.06 million from RM110.35 million, due to reduced project activity.

Shares of Econpile were down 0.5 sen or 1.56% at 31.5 sen on Friday, giving the group a market capitalisation of RM446.5 million.