Gamuda swells Q1 pre-tax profit to RM167m

by **hlk** Fri 16 Dec 2011, 19:09

Gamuda Bhd's pre-tax profit increased to RM167.2 million in the first
quarter ended Oct 31, 2011 from RM109.7 million in the same quarter last
year.

The increase was due to higher contributions from all divisions, it said in a filing to Bursa Malaysia today.

Gamuda's revenue rose to RM642 million from RM634.2 million previously.

On the prospects for its current year ending July 31, 2012, Gamuda
said it expected to achieve a stronger performance supported by its
ongoing construction projects, continued strong property sales and
steady earnings from the water and expressway concessions divisions.

Among the projects in the construction segment are the Klang Valley Mass
Rapid Transit, electrified double tracking railway project, New Doha
International Airport in Qatar and Yen So sewage treatment plant in
Hanoi, Vietnam.

On the MRT project, Gamuda said nine packages for preparatory and
preliminary works have been successfully tendered and awarded to various
contractors to date.

Tenders have been called for some of the remaining 80 works packages
comprising elevated civil works, stations, systems and the underground
works package, it said.

Gamuda said the awards to the successful bidders are expected to be
made from early next year and substantially completed by the fourth
quarter.

On the electrified double tracking railway project, Gamuda said
progress was on schedule with 71 per cent of the works completed.

The scheduled completion date for the main section of works from
Padang Besar to Ipoh, is June 2014, while completion of the section of
works from Bukit Mertajam to Butterworth is November 2014.

Gamuda said the new Doha International Airport project in Qatar was
98 per cent completed and it was now preparing to hand over the
completed works to the client in January next year.

As for the Yen So sewage treatment plant project in Hanoi, Vietnam,
Gamuda said 95 per cent had been completed to date. It has entered the
testing and commissioning phase and is expected to be handed over to the
client in May 2012. -- Bernama