Gamuda Q2 profit rises 25% to RM224mil

KUALA LUMPUR: Gamuda Bhd’s net profit jumped by 25% to RM224.02mil in the second quarter ended Jan 31, 2018 from RM179.19mil a year earlier.

Revenue for the quarter strengthened to RM1bil compared with RM853.88mil in the previous corresponding period, while earnings per share increased to 8.6 sen from 6.86 sen.

For the six-month period, net profit grew to RM441.79mil from RM354.22mil year-onyear, while revenue went up to RM1.77 bil from RM1.36bil.

“The increase in revenue and net profit for the current quarter and year to date was mainly due to higher work progress from the group’s various construction projects coupled with stronger overseas property sales and several new property projects in Malaysia,” said Gamuda in a filing with Bursa Malaysia yesterday.

Moving forward, the group anticipates a better performance for its fiscal year ending July 31, 2018.

This is due to the progress of the Klang Valley Mass Rapid Transit: Sungai BulohSerdang-Putrajaya Line (MRT Line 2) picking up pace; higher property sales driven by overseas projects, especially in Vietnam and new townships in Malaysia; and steady earn- ings contribution from the expressway division.

Gamuda, whose joint-venture company, MMC Gamuda KVMRT (PDP SSP) Sdn Bhd is the project delivery partner for MRT Line 2, noted that the line’s cumulative progress was on track at the end of February 2018 at 17.7%.

Procurement of the works packages has reached RM31bil, which represents 98% of the value of the overall works.

On its property division, Gamuda said it was on track to achieve full-year target sales of RM3.5bil, surpassing last year’s sales of RM2.4bil. — Bernama