KUALA LUMPUR (June 28): Builder Haily Group Bhd (KL:HAILY) has secured a RM53.72 million contract from Venice View Development Sdn Bhd to build 221 units of two-storey houses, three units of Tenaga Nasional Bhd (TNB) sub-stations and a TNB main switch station in Pulai, Johor.

In a filing with Bursa Malaysia on Friday, Haily said its wholly-owned subsidiary Haily Construction Sdn Bhd has accepted a letter of award for the proposed job, which encompasses two parcels of land.

The project is slated to be completed within 15 months from the date of commencement, which will be determined by the architect, ARC Alliance Sdn Bhd.

"The contract is expected to contribute positively to the group’s earnings and net assets per share over the duration of the project," said Haily.

Haily’s net profit fell 17.57% to RM1.53 million for the first quarter ended March 31, 2024 from RM1.86 million a year ago, on higher administrative expenses and lower profit margin. Revenue for the quarter, however, rose 6.03% year-on-year to RM72.11 million from RM68.01 million, contributed by its building construction segment.

Shares of Haily closed down two sen or 3.25% to 59.5 sen on Friday, giving it a market capitalisation of RM115.78 million.