Ireka +1.4%; May Swing To Black In FY12-Dealer

Ireka (8834.KU) is up 1.4% at MYR0.745; a local dealer says the stock is attracting mild buying interest on hopes for profit in FY12 after the company says its wholly-owned unit Ireka Engineering & Construction wins a MYR109.8 million contract for building a 25-story hotel tower at KL Sentral in Kuala Lumpur. MD Lai Siew Wah says this is the firm's third hotel building project and it brings the group's order book to MYR1.14 billion, of which MYR513.5 million remains outstanding. "These recently awarded projects will help the company swing to the black in FY12," says the dealer. He tips immediate resistance at MYR0.75, then MYR0.77 Ireka posted a fiscal nine-month period to December 31 loss of MYR10.8 million on a revenue of MYR308.8 million.