Highlight Gamuda 3Q profit soars 149% to RM177.9m, pays 6 sen dividend

by **Cals** Fri 27 Jun 2014, 00:31

Highlight Gamuda 3Q profit soars 149% to RM177.9m, pays 6 sen dividend

Business & Markets 2014

Written by Jeffrey Tan of theedgemalaysia.com

Thursday, 26 June 2014 19:18

KUALA LUMPUR (June 26): Gamuda Bhd’s net profit soared 149% year-on-year (y-o-y) to RM177.9 million in the third quarter ended Apr 30, 2014, from RM71.4 million.

However, revenue slipped 1.1% y-o-y to RM633.8 million from RM641.1 million.

Gamuda declared a single-tier second interim dividend of 6 sen per ordinary share.

In a statement to Bursa Malaysia, the group said the significantly higher profit was due to higher contribution from property, water and expressway concessions divisions.

On its lower revenue, Gamuda said the dip was due to the substantial completion of the Electrified Double Tracking Railway Project.

For the nine-month period, net profit chalked RM513.5 million versus RM373.7 million in the previous period, while revenue recorded RM1.64 billion from RM1.59 billion a year ago.

Gamuda said the higher profit came from higher contributions from all divisions.

According to the group, its construction division’s higher profit resulted from higher work progress of the Klang Valley Mass Rapid Transit Project.

Its property division’s higher profit was due to higher profit contribution from on-going projects.

Higher profit recorded by its water and expressway concessions division was attributable to higher contribution from the group’s various expressways.

On revenue, Gamuda said the increase resulted from higher contribution from the property division.

“The group anticipates an improved performance this year from on-going construction projects, substantial unbilled sales of the property division and steady earnings from the water and expressway concessions division,” said Gamuda on overall prospects.