FECON wins contracts, plans more this year
FECON Foundation Engineer and Underground Construction JSC (FECON) on September 15, said it had won new projects worth VND500 billion (US$22.2 million) in August.
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| Fecon expects more construction bids by year end. — Photo baodautu.com |
The company said it expected better business results by the end of the year.
As the negotiations over a joint venture between FECON and Song Da 9 Construction JSC (Sicco) for the general foundation contract of Long Phu 1 thermal power project, worth more than US$1.2 billion, are over, the joint venture expects to make more than VND425 billion ($19.3 million) in revenue.
In addition, FCN and its companies of FECON Mining (FCM) won the bid for foundation construction in the projects of the Manor Eco Lao Cai, worth VND27 billion ($1.2 million), the Eurowindow Building in Vinh City worth VND16 billion ($711,000) and in some smaller projects. Thus the two firms won bids worth more than VND50 billion ($2.2 million) in August.
Meanwhile, FECON Shanghai also won contracts worth more than VND66 billion ($2.93 million) for two constructions in a residential area and a highway in the south, It was also negotiating for the foundation construction of Thu Thiem Urban Area that is worth more than VND33 billion ($1.46 million).
Thus, FECON said the total value of the contracts was more than VND500 billion ($22.2 million).
The company said by the end of 2015, it planned negotiations over and contracts for a series of projects such as the Samsung Factory in HCM City, the Nghi Son oil refinery, the Vinh Tan 4 Thermal Power Plant and the Samsung Factory extension in Bac Ninh, besides Song Hau 1 Thermal Power Plant and some construction packages in the National Highway's Phu Lys section.
Establishing in 2004 by highly qualified engineers and experts in foundation engineering and underground construction, FECON has become one of the leading companies of the sector in Viet Nam
FCN earned a consolidated revenue of VND293 billion ($13 million) and a profit of VND27.3 billion ($1.21 million) in the second quarter. The company had consolidated assets worth VND2.33 trillion ($106.8 million) at the end of March 2015, compared to VND2.2 trillion ($100.9 million) at the beginning of the year.
FCN shares ended at VND20,100 ($0.89) each on September 15 on the HCM City Stock Exchange. — VNS
