Gadang Holdings’ profit up 57%

PETALING JAYA: Gadang Holdings Bhd posted a 57% jump in net profit to RM27.91mil in the second quarter ended Nov 30, 2016, from RM17.72mil a year earlier on better margins from construction activities and higher contributions from the property segment.

This translated to a basic earnings per share of 10.62 sen compared with 7.40 sen previously. 

The construction and property firm’s revenue was also higher by 45% to RM147.88mil from RM101.98mil.

For the first half of the financial year, net profit came in at RM44.60mil from RM38.58mil a year ago on the back of a marginally higher revenue of RM252.48mil from RM251.36mil.

Gadang said due to the challenging economic conditions, prudent measures had been taken to ensure the business remained sustainable.

The stock closed down two sen or 1.90% at RM1.03 on Wednesday, with about 1.83 million shares being traded.