Friday 12 Apr 2024
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KUALA LUMPUR (Dec 16): Gamuda Bhd saw its net profit for the first quarter ended Oct 31, 2014 (1QFY15) rise 12% to RM185.85 million, from RM165.48 million in the same period last year, on higher contribution from its property, water and expressway concessions divisions.

Revenue for the quarter also improved 17% to RM569.64 million, from RM486.12 million, thanks to the recognition of revenue from Kesas Sdn Bhd — the concession holder of Shah Alam Expressway — the group told Bursa Malaysia today.

It also declared a single-tier interim dividend of 6 sen per share, which will be paid on Jan 28, 2015.

On a segmental basis, the water and expressway construction contributed 47% to the group’s pre-tax profit in 1QFY15, followed by property development and club operations (31%), and engineering and construction division (22%).

As for its water and expressway construction division, Gamuda attributed the increase in revenue and pre-tax profit to higher contribution from its various expressways, particularly the additional stake in Kesas.

On its property development business, the group said the higher revenue and pre-tax profit was due to higher work progress from on-going projects.

Meanwhile, Gamuda said the declining revenue and pre-tax profit in its construction division, was due to the completion of the Electrified Double Tracking Railway Project in early November.

On its outlook, 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.

Gamuda closed unchanged at RM4.80 today, giving it a market capitalisation of RM11.2 billion.

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