Gadang net profit soars in Q2

However, revenue for its construction division fell to RM79.32mil in the quarter from RM103.96mil a year ago.(File pic of one of Gadang's projects)

KUALA LUMPUR: Gadang Holdings Bhd’s net profit jumped more than 1,800% to RM36.54mil in the second quarter ended Nov 30, 2022 from RM1.86mil a year ago.

This was driven by extraordinary items such as non-recurring transaction and the disposal of a parcel of development land in Kuala Lumpur.

Its revenue also rose 54.4% to RM259.67mil in the quarter compared to RM168.12mil in the corresponding period a year ago.

For Gadang’s property division, revenue was up RM173.69mil in the quarter from RM58.01mil a year ago.

The sharp increase in revenue was mainly due to the disposal of a development land at Taman Melawati as well as better sales achieved and higher work progress for ongoing projects.

However, revenue for its construction division fell to RM79.32mil in the quarter from RM103.96mil a year ago.

The construction division’s outstanding order book currently stands at RM485mil.

Given the resumption of construction activities, the group expects the performance of the division to improve.

Moving forward, Gadang is cautiously optimistic that its performance will gradually improve in the second half of the financial year ending May 31, 2022.

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