KUALA LUMPUR: Gamuda Bhd’s net profit increased 25.2 per cent in the first quarter (Q1) ended October 31, 2017 to RM203.02 million from RM162.15 million.
Revenue in the same quarter increased 52.9 per cent to RM771.82 million from RM504.88 million.
In a filing to Bursa Malaysia today, the company said the positive revenue and net profit were mainly due to higher work progress from the Group’s various construction projects coupled with stronger overseas property sales and several new property projects in Malaysia.
Gamuda said its construction division’s revenue grew 49 per cent in Q1 to RM1.03 billion compared with RM696 million in the same quarter last year.
Current quarter’s profit before tax (PBT) grew by 95 per cent to RM100 million compared with RM51 million in the same quarter last year.
The increase in revenue and PBT were mainly due to higher work progress from the Klang Valley Mass Rapid Transit Line 2 project where the Group is the Project Delivery Partner and the sole underground works package contractor.
Meanwhile, it said works on the Pan Borneo Sarawak Highway – Pantu Junction to Btg Skrang is progressing on schedule.
Gamuda said property division sold RM903 million worth of properties, more than double the RM430 million sold in last year’s corresponding quarter.
The division reported revenue of RM510 million and PBT of RM45 million in the current quarter compared with revenue of RM272 million and PBT of RM41 million in the same quarter last year.
The better sales and revenue performance were mainly due to stronger sales contribution from the overseas projects as well as local established projects such as Horizon Hills, Jade Hills, The Roberston and new project launches in Gamuda Gardens and twentyfive.7.
Further, the division’s PBT grew by 10 per cent as a result of higher upfront cost for new townships and more affordable housing sold this quarter.
Gamuda said infrastructure concessions’ division reported a revenue of RM129 million and PBT of RM114 million which is similar to last year’s financial performance.
Except for the SMART Expressway which experienced lower-than-expected traffic, the traffic volumes of other expressways have been stable and resilient, it said.