Kuala Lumpur, July 31: Bintai Kinden Corporation Berhad (“BKCB” or the “Company”; Bursa: BINTAI, 6998), a specialist in mechanical and electrical engineering services, medical device manufacturing, and facilities operations, has announced significant improvements in its financial position.
“The removal of any adverse statement relating to going concern by our external auditors is a testament to the significant strides we have made in stabilising and strengthening our financial position. This, along with the restructuring of our banking facilities and recent contract awards, showcases our commitment to return Bintai Kinden onto a path of sustainable growth. We are grateful to our stakeholders for their unwavering support and confidence in our turnaround efforts,” said Datuk Tay Chor Han, Managing Director cum CEO of Bintai Kinden.
BKCB has successfully restructured and rescheduled all of its defaulted banking facilities.
The Group’s external auditors, HLB Ler Lum Chew PLT, have revised their opinion from a Disclaimer of Opinion on going concern to a Qualified Opinion with no modifications related to going concern for the financial year ended 31 March 2024.
For the financial year ended 31 March 2024, BKCB reported a revenue of RM36.8 million and a net profit of RM3.2 million.
This marks a significant improvement from the previous financial year, which saw a revenue of RM116.1 million and a net loss of RM114.5 million.
The increase in profit is attributed to lower operating costs achieved through downsizing and effective cost control measures.
On 30 July 2024, Maybank approved the restructuring and rescheduling of banking facilities for BKCB’s wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (“KBK”).
This involves converting the outstanding Contract Overdraft/Trade Bills into a Term Loan facility, reinstating an Overdraft facility of RM6.9 million, and a Bank Guarantee facility of RM10.0 million.
With this approval, all of Bintai Group’s banking facilities have been regularised.
BKCB has made substantial progress through strategic initiatives such as securing a robust order book, negotiating favourable terms with banks and creditors, implementing cost-cutting measures, finalising outstanding projects, and ensuring timely debtor payments.
These efforts have been critical in driving the Company towards recovery.
Building on these positive developments, Bintai Kinden will engage its adviser to formulate a self-regularisation plan aimed at uplifting its PN17 status.
The Company is committed to keeping all key stakeholders informed on further progress in this regard.
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