EA Tech shipyard open to other ships

EA Technique (M) Sdn Bhd (EA Tech)'s shipyard project at the Tanjung Langsat Industrial Complex here will not be exclusively for the company's ships only. When completed, it will also cater for other ships which need maintenance. Sindora Bhd chairman Tan Sri Muhammad Ali Hashim said at the moment the project was still in the architectural design stage.
"We hope the project will take off the ground by end of this year," he said after chairing Sindora's annual general meeting in Johor Baru today.
Sindora has 51 per cent stake in EA Tech.
EA Tech through its wholly-owned subsidiary Johor Shipyard and Engineering Sdn Bhd, has signed an agreement with Tanjung Langsat Port Sdn Bhd to lease for 30 years a 8.094 hectare plot at the industrial complex.
It involves an investment totalling RM30 million.
Muhammad Ali said the shipyard was to enable EA Tech to better manage its business risk apart from enabling it to turn around its ships faster.
Currently, EA Tech has five clean product tankers, a liquid petroleum gas tanker and five offshore vessels.
On Sindora's financial performance in 2008, Muhammad Ali said it recorded a pre-tax profit of RM35.7 million and a revenue of RM351.2 million.
For the first quarter of this year, Sindora recorded a total revenue of RM80.8 million with corresponding pre-tax profit of RM8.4 million.
During the quarter, the company's Intrapreneur Venture Businesses continued to record sustainable performance with revenue contribution of RM55.8 million and corresponding pre-tax profit of RM4.8 million.