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Global Construction Services Ltd awarded works on Ritz-Carlton in Perth

Global Construction Services Ltd (ASX:GCS) has received a letter of intent to supply and install formwork and concrete for the Ritz-Carlton Hotel and The Towers at Elizabeth Quay, Perth.

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Global Construction Services Ltd awarded works on Ritz-Carlton in Perth

The $59 million contract is from national tier-one construction company Probuild, pending final execution of the formal contract.

The project will involve the provision of formwork, concrete supply, concrete pumping and concrete placement.

The work is scheduled to commence in January 2017 and executed over an 18 month period.

Last month, Global Construction signed a binding agreement to sell its 50% interest in SmartScaff Pty Ltd to the remaining shareholders in SmartScaff for $10.5 million in cash.

The company will also receive an additional $7 million from SmartScaff as repayment of an outstanding loan.

Global Construction delivered strong financial results in FY2016, with underlying NPAT of $12 million, up 38% compared to the previous year.

The company is well placed to continue to improve performance and take advantage of a significant pipeline of new projects in FY2017 and beyond.

Global Construction’s shares were last trading at $0.50, up 6.38% intraday.

Quick facts: Global Construction Services

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ASX:GCS
Market: ASX
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