KUALA LUMPUR (April 22): Scanwolf Corporation Bhd (KL:SCNWOLF) said it has secured a RM16.63 million subcontract for the relocation of water supply in Rawang, Selangor.

In a filing with Bursa Malaysia on Tuesday, Scanwolf said the subcontract, awarded by Asianmax Corporation Sdn Bhd, involves the relocation of water supply for the Jalan Perindustrian Rawang road upgrading project.

Work is scheduled to begin on Tuesday and conclude on July 31.

"The project is expected to contribute positively to the earning and net assets of the Scanwolf. The total-year-to-date construction and construction related projects secured are RM93.09 million," said Scanwolf in a separate statement.

Scanwolf's business includes the manufacturing of plastic extrusion products and flooring, property development and construction.

For its second quarter ended Dec 31, 2024, the company posted a net loss of RM3.66 million, widening from a loss of RM3,000 a year earlier. The decline was mainly due to weaker performance in the property and construction divisions, as well as the absence of a one-off income of RM2.40 million recorded previously from a debt waiver and the disposal of a vacant land. Quarterly revenue grew 5.10% year-on-year to RM9.50 million from RM9.04 million in 2QFY2024.

For the first half of the financial year, the company's net loss widened by 24.66% to RM5.52 million from RM4.24 million in the previous corresponding period. Half-year revenue rose 19.86% to RM20.10 million from RM16.77 million,

On March 20, Scanwolf said it had secured a RM42 million sub-structure contract for a mixed-use development in Kuala Lumpur. This was followed by a RM10 million contract for renewable energy infrastructure at Universiti Malaysia Sabah in Kota Kinabalu on March 24, and an RM8 million contract for the construction of a sales gallery in Kuala Lumpur on March 27.

Scanwolf's share price closed half a sen or 1% lower at 50 sen on Tuesday, valuing the company at  RM106.1 million.