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Saturday, 24 June 2017

(The Star) Gamuda Q3 net profit rises to RM171mil

PETALING JAYA: Gamuda Bhd saw its net profit jump 11.9% to RM170.9mil while revenue was up 79.6% to RM839.4mil for the third quarter ended April 30, 2017.

In its filing to the stock exchange the group said the increase in revenue and profit mainly resulted from the higher work progress of the underground and elevated works of the KVMRT – Line 2.

For the year to date, the group’s net profit was up 5.3% to RM499.34mil, while revenue was up 45.8% to RM2.2bil.

It said the increase in revenue and profit before tax for the period had also resulted from the higher work progress of the underground and elevated works of the KVMRT – Line 2.

During the period, the property division was increased revenue mainly due to better property sales for Celadon City and Gamuda City in Vietnam.

It however saw a decrease in profit before tax, resulting from the softening of the property market in Malaysia.

The group’s water and expressway concessions division recorded an increase in revenue and profit before tax mainly from the toll-rate hikes of certain expressways.

Compared to the immediate preceding quarter, the group’s profit before tax of RM221mil for the current quarter was slightly higher than RM219mil previously.

It recorded an earnings per share of 7.04 sen for the third quarter and 20.60 sen for the year to date.

“The group anticipates a good performance this year from the steady earnings of expressway concessions

division and the ramping up of works for KVMRT Line 2.

“The property division’s performance is expected to be stronger in the next few quarters due to the launches of several new projects in Malaysia and overseas,” it said in the filing.