Gamuda posts higher Q3 earnings

KUALA LUMPUR: Gamuda Bhd said earnings jumped in the third quarter ended April 30, but expects construction growth to be constrained by the pandemic.

Net profit rose to RM141.8mil from RM40mil made a year ago. Revenue increased to RM971mil from RM549mil previously.

Gamuda said the resurgence of new Covid-19 cases and uncertainties surrounding the vaccine drive to counter it have dampened economic activity.

"Public spending and stimulus for infrastructure development could be constrained due to rising government fiscal burden," it said in a filing with Bursa Malaysia today.

Given the outlook, Gamuda said this year’s performance will be driven by overseas property sales - in Vietnam and Singapore, as well as the continued progress of MRT Putrajaya Line (formerly called MRT Line 2).

"Moving forward, the resilience of the Group is underpinned by its construction order book of RM4.9 billion and unbilled property sales totalling RM4 billion which will see it through the next two years," it added.

Gamuda said the group's financial position remained strong with a healthy balance sheet and gearing of below 0.3 times.

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