MRT Line 2 tender exercise to start in Q3

KUALA LUMPUR: Pre-qualification exercises to shortlist prospective tenderers for the elevated works, stations and underground works for the RM23bil Sungai Buloh-Serdang-Putrajaya MRT line (MRT Line 2) are expected to start by the third quarter of this year, said Gamuda Bhd.

A joint venture between MMC Corp Bhd and Gamuda Bhd has been appointed the project delivery partner (PDP) to implement the MRT Line 2 project.

Announcing its second quarter (Q2) results to Bursa Malaysia on Thursday, it said the PDP agreement was expected to be concluded in the second quarter of 2015.

“The detailed environmental impact assessment (EIA) study is ongoing and is targeted to be completed by April 15. The public display for the railway scheme will commence in mid-May 2015,” it added.

On the 51km Sungai Buloh to Kajang MRT line (MRT Line 1), it said the project was 61% completed as at end-February.

Gamuda said the project was on target for Phase 1 completion in December 2016 and full completion by July 2017, with no significant cost overruns so far. MMC Gamuda KVMRT (PDP) Sdn Bhd is the PDP for MRT Line 1.

MMC Gamuda KVMRT signed the PDP agreement with Mass Rapid Transit Corp Sdn Bhd three years ago, under which it was to receive a fee of 6% of the total aggregate work package contract value. However, MMC Gamuda KVMRT would have to bear cost overrun of the project that exceeds 15%,

Gamuda reported a net profit of RM182.2mil for its Q2 ended Jan 31, 2015, up 7% from the corresponding quarter last year. Turnover rose to RM653.2mil from RM517.6mil previously.

For the first half-year, the construction and property group posted a 9.6% growth in net profit to RM368mil on revenue of RM1.22bil.

The company attributed the higher revenue and profit for the current quarter and current year mainly to the additional stake in Kesas Sdn Bhd, the concession holder of Shah Alam Expressway. 

On prospects for this year, it said it anticipated a good performance from on-going construction projects, substantial unbilled sales of the property division and steady earnings from the water and expressway concessions division.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Business News

Bank Negara maintains OPR at 1.75%
Malaysia Airlines offers training opportunity in aviation industry
Singapore Press to spin off media Into non-profit entity
March manufacturing sales at 44-month high of RM126.9b
Hong Seng partners Pow Pocket for Johor immigration registration platform
MISC posts RM429.8m net profit in 1Q, div 7c
FBM KLCI extends decline for fifth day, gloves slide
March industrial output surges 9.3% on-year, highest since mid-2013
Asia shares, commodities firm on recovery bets; A$ hit by China move
HSBC Malaysia launches mobile app EZInvest

Stories You'll Enjoy