Ga­muda’s Q4 profit flat on lower in­come, higher taxes

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Ga­muda Bhd re­ported a flat net profit of RM152.1 mil­lion for the fourth quar­ter ended July 31, 2016 against RM153.68 mil­lion in the pre­vi­ous cor­re­spond­ing pe­riod due to lower in­come and higher in­come tax ex­penses.

Rev­enue saw a slight drop of 1.4% from RM623.27 mil­lion to RM614.39 mil­lion on the back of the ta­per­ing of un­der­ground and el­e­vated works for the MRT Line 1 project.

In a fil­ing with the stock ex­change, Ga­muda, how­ever, said it an­tic­i­pates a good per­for­mance next year from on­go­ing con­struc­tion projects and steady earn­ings from the ex­press­way con­ces­sions divi­sion.

Mean­while, its prop­erty divi­sion’s per­for­mance is ex­pected to pick up in the next few quar­ters due to the launches of sev­eral new projects in Malaysia and over­seas.

Ga­muda’s full-year net profit fell 8.2% from RM682.14 mil­lion to RM626.13 mil­lion on the back of a 11.6% de­cline in rev­enue from RM2.4 bil­lion to RM2.12 bil­lion.

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