Update IJM Corp 1Q profit rises 85% to RM164m

Update IJM Corp 1Q profit rises 85% to RM164m
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 27 August 2013 19:30

KUALA LUMPUR (August 27): IJM Corp Bhd reported a 85% rise in first quarter net profit from a year earlier as the diversified entity's revenue rose.

In a statement to the exchange, IJM said net profit rose to RM164.34 million in the quarter ended June 30, 2013 from RM88.83 million. Revenue was higher at RM1.4 billion compared to RM1.04 billion.

"In the current quarter, the group posted an operating revenue of RM1,401.8 million representing a growth of 34.6% over the corresponding quarter of the preceding year with increased revenues from all operating divisions.

"The group’s pre-tax profit climbed 54.5% to RM256.8 million compared to the corresponding quarter of the preceding year as the group’s property, industry and infrastructure divisions reported higher profits," said IJM which is also builder, and PLANTATION [] firm.

Looking ahead, IJM said it expects satisfactory performance from its CONSTRUCTION [] and property operations. The company which expects to grow its construction order book said it foresees its estimated RM1.4 billion of unbilled real estate sales to support group bottom line.

“Whilst the group’s plantation division expects local crop production to be sustained with additional crops expected from the young plantings and new areas coming into maturity in the Indonesian operation, the current trend of palm produce prices may impact the division’s profitability levels for the current financial year.

"The group’s toll, ports, power and water operations are expected to provide growing recurrent revenue streams thereby further enhancing the bottom line of the group’s Infrastructure division,” IJM said