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Friday, 24 November 2017

(The Star) Gabungan’s net profit almost doubled

PETALING JAYA: Gabungan AQRS Bhd posted a near doubling of its net profit for its third quarter ended Sept 30 to RM9.4mil compared with RM5.2mil a year ago.

The construction outfit, which recently bagged a slew of construction jobs to boost its order book to more than RM2.6bil, has also declared a dividend of two sen and halved its net gearing to 0.36 times from 0.67 times last year on the back of its asset monetisation exercise.

In a filing with Bursa Malaysia yesterday, Gabungan attributed the higher profit to the ongoing works at the 31.8km Sungai Besi-Ulu Kelang Elevated Expressway, as well as the 1Malaysia People’s Housing Scheme or PR1MA projects in Pahang.

However, Gabungan’s property development business posted a pre-tax loss of RM6.34mil in the third quarter compared with RM1.42mil a year earlier.

Revenue during the period jumped 31% to RM319.2mil from RM244.0mil last year.

Shares in Gabungan closed one sen lower to RM1.91. On a year-to-date basis, its share price has risen more than 120%.

Moving forward, Gabungan expected the construction sector to remain robust on the back of infrastructure projects.