IJM Corp posts RM639mil net profit in Q2 on disposal gain 


KUALA LUMPUR: A one-time gain from the disposal of its plantation unit masked IJM Corp Bhd weak operating results in the second quarter ended Sept 30.

The builder said its core construction, property development and infrastructure divisions generated lower revenue due to the lockdown that started on June 1.

At present, most of the states that the Group operates in are under Phase 4 of the National Recovery Plan (NRP).

"As business restrictions continue to be lifted, we expect the performance of the Group to gradually improve in the second half of the financial year," IJM said in a filing today.

The group's construction division’s outstanding order book stood at RM4.51bil.

"The performance of the Group’s Construction division is expected to improve with the resumption of construction activities," it said.

For the three-month ended Sept 30, IJM Corp posted a net profit of RM629.3mil compared with RM99.3mil made a year ago.

Revenue declined 28% to RM874mil.

During the quarter, IJM Corp reported a gain of RM639mil from the disposal of its shares in IJM Plantations Bhd to Kuala Lumpur Kepong Bhd.

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