Business

Thursday June 25, 2009

STC counts on engineering subsidiary


PETALING JAYA: Success Transformer Corp Bhd (STC) says its engineering unit currently has some RM30mil worth of projects in hand and is bidding for new jobs worth about RM40mil.

“Palm oil and waste management industries remain Seremban Engineering Sdn Bhd’s (SESB) main contributors.

“However, a newly set-up joint venture – ACE Standard International Ltd – will provide SESB a platform to venture into environmental cleaning services in the oil and gas industry,’’ it said in a statement issued after the group’s AGM yesterday.

SESB is also planning to start construction work on its seventh factory by end-September. The new factory will focus on the fabrication of process equipment for the food and pharmaceutical industries.

The industrial light fittings specialist reported a 19% rise in net profit to RM6.1mil as turnover grew 6.6% to RM45.5mil in the three months ended March 31 compared with the previous corresponding period.

STC said its fifth factory had started contributing to the group since early this year, while its sixth factory would commence operations mid-year.


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