Metronic eyes MRT2 building management system package

SHAH ALAM: System integration provider Metronic Global Bhd (MGB) is vying for a piece of the RM23 billion Mass Rapid Transit line 2 (MRT2) project specifically in its core specialty of building management system (BMS) works.
"We are always on the lookout for our core business. Currently we are aggressively looking at the MRT2 project that is about to tender in the first quarter next year," its CEO Vincent Set Hin Fook told reporters after the group's EGM yesterday.
He said the group is aiming to bid for the engineering, procurement, construction, testing and commissioning of building management systems on a design and build basis package.
"The value for the works has not been estimated yet. But the first package that we got (for MRT1) is about RM43 million," he added, noting the group's experience in carrying out the works on the first phase of the MRT would give them an advantage.
Previously, MGB bagged RM43 million worth of contracts from Mass Rapid Transit Corporation Sdn Bhd to undertake the BMS works on the MRT1, slated for completion by July 31, 2017.
Meanwhile, at the EGM, the group's shareholders have approved its proposal to diversify into the property development sector.
Set said the group intends to venture into the property development sector to generate multiple income streams, adding it will have a proportionate income stream from its core business and from its new diversified sector, as well as its other businesses.
The shareholders also approved the group's proposal to acquire land measuring 31,943 sq m in Kuala Krai, Kelantan, for RM9.8 million from Chai Fook Yoon and Tan Bee Leng.
He said the group intends to undertake a mixed development project on the land, adding the development plans will be submitted for approval after the execution of the sales and purchase agreement.
"Currently it is still in the planning and approval stage," he said, adding that the project is estimated to be completed within 48 months.
"It (property development sector) will start to contribute probably in the third or fourth quarter next year," he added.
For FY15, he said the group expects to see higher net profit, citing single or double-digit growth, mainly contributed by its core business of providing engineering solutions.
For the first quarter ended March 31, 2015, its net profit fell 36% to RM155,000 from RM241,000 in the previous corresponding quarter. Revenue however up by 3.5% to RM8.3 million against RM8.02 million previously.