Builder IJM sees encouraging outlook after improved Q2 results 


KUALA LUMPUR: IJM Corp Bhd posted higher profits in the second quarter and said the prospect for its construction division is better with the recently unveiled expansionary Budget 2021.

"The division had secured RM2bil of new projects for this year and with large scale infrastructure projects identified in Budget 2021, prospects for the division are encouraging," it said.

The builder, in a filing with Bursa Malaysia today, said it made a net profit of RM99.5mil in the three-month ended Sept 30 compared with RM70.1mil registered a year ago.

Revenue declined to RM1.43bil from RM1.57bil, largely due lower contriobution from construction and property divisions.

"The Group’s diversified portfolio is expected to provide resilience to its financial performance," it said.

"Despite the constantly changing business environment, the Group expects the performance to be satisfactory," it added.

Separately, IJM Plantations Bhd reported a net loss of RM1mil on revenue of RM211mil.

The loss was attributed to fair value loss on crude palm oil pricing swap contracts, as well as foreign exchange losses due to unfavourable currency swings.

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