Amidst losses MTD wants only large scale contracts
View(s):MTD Walkers says that with large scale contracts and a strong order book they aim to turn around their sore bottomline.
For the year ended 31 March 2018, MTD Walkers’ revenue was Rs. 16.1 billion, up by 20 per cent from the last corresponding year but the group reported a loss of Rs. 511 million in the fourth quarter with an annual loss of Rs. 2.8 billion.
Officials told the Business Times that they aim to only bid for contracts of over Rs. 500 million hereafter. “We bid for smaller projects at thin margins earlier but now we don’t want to do that anymore as we aim to spread our resources more productively,” an official said. This company has Rs. 55 million in orders as of now.
The company’s Malaysian holding company, MTD Capital underwent a management change recently with a new appointment at Group CEO level.
In Colombo too the company is doing certain strong structural changes in efforts to turnaround, the officials added.
(DEC)