Gamuda records earnings of RM176m in third quarter

Gamuda Singapore, a wholly owned subsidiary of Gamuda Bhd, made a joint bid of S$318.89mil (RM963mil) for the tract earmarked for executive condominium development .

PETALING JAYA: Gamuda Bhd’s net profit fell 14.6% to RM176mil in the third quarter ended April 30 from RM206.1mil in the corresponding quarter last year.

In a filing with Bursa Malaysia, the construction and property group said its lower earnings were mainly because the group had stopped recognising its share of profits from SPLASH Holdings following the sale of its 40% stake in the water treatment firm at the end of last year.

During the quarter in review, Gamuda’s revenue fell 16% to RM1.04bil from RM1.24bil in the previous corresponding quarter. Earnings per share (EPS) slid to 7.13 sen from 8.38 sen previously.

Gamuda has declared a second interim dividend of six sen per share. Its shares closed five sen higher at RM3.72 yesterday.

For the cumulative nine-month period, Gamuda’s net profit was 17.8% lower at RM521.17mil, compared with RM633.82mil, and its EPS was lower at 21.12 sen compared with 25.80 sen. The group’s revenue was marginally higher at RM3.07bil, compared with RM3bil previously.

On its prospects, Gamuda anticipates this year’s overall performance to be driven by overseas property sales, especially in Vietnam and the progress of the Mass Rapid Transit Line 2 that continues to pick up pace, as well as steady earnings contribution from the expressway division.

Meanwhile, Gamuda announced that its board had resolved to vote in favour of accepting the Government’s proposed takeover of all four toll concessionaires linked to the group for a total of RM6.2bil.

These  encompassed Lingkaran Trans Kota Holdings Bhd (Litrak), Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint), Kesas Sdn Bhd and Projek SMART Holdings Sdn Bhd.

Gamuda owns a 44% stake in Litrak, 52% in Sprint, 70% in Kesas and 50% in Smart.

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