Gamuda's 2Q net profit up 7% to RM182.18m

by **Cals** Fri 27 Mar 2015, 01:28

Gamuda's 2Q net profit up 7% to RM182.18m

By Sulhi Azman / theedgemarkets.com | March 26, 2015 : 7:52 PM MYT

KUALA LUMPUR (Mar 26): [size=14]Gamuda Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) announced its net profit for the second quarter ended Jan 31, 2015 (2QFY15) increased 7.1% to RM182.18 million or 7.78 sen per share, from RM170.12 million or 7.41 sen per share a year ago.

Revenue for the current quarter grew 26.2% to RM653.24 million, from RM517.63 million in 2QFY14.

In a filing with Bursa Malaysia this evening, Gamuda said the increase in revenue and profit was “mainly due to additional stake in Kesas Sdn Bhd, the concession holder of Shah Alam Expressway”.

For the cumulative six months ended Jan 31, 2015 (6MFY15), Gamuda saw its net profit rise 9.7% to RM368.03 million or 15.78 sen per share, from RM335.60 million or 14.66 sen per share a year ago; while revenue went up 21.8% to RM1.22 billion, from RM1 billion in 6MFY14.

On a segmental basis, Gamuda’s construction division revenue in 6MFY15 grew 8% to RM609.08 million, from RM563.56 million previously, which the group attributed to higher work progress from the underground works of the Klang Valley Mass Rapid Transit (KVMRT) project.

As for its property division, revenue in 6MFY15 jumped 10% to RM414.78 million, from RM377.14 million, thanks to its Gamuda City project in Vietnam.

Gamuda (fundamental: 2.2; valuation: 1.5) said its property division sold RM292 million worth of properties in the 2QFY15, which boost its 6MFY15 sales to RM535 million.

Its current unbilled sales stood at RM1.5 billion, while the remaining gross development value of its existing and new projects stands at RM49.16 billion.

Meanwhile, revenue for its water and expressway division tripled to RM199.01 million in 6MFY15, from RM63.04 million in 6MFY14, as a result of its additional stake in Kesas Sdn Bhd.

Going forward, Gamuda expects a “good performance this year.”

“The group anticipates a good 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,” it said in the filing.

The stock closed 3 sen or 0.57% lower at RM5.20 today, giving it a market capitalisation of RM12.22 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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