KUALA LUMPUR, March 27 — Gamuda Bhd’s net profit declined 23 per cent year-on-year to RM173.14 million for the second quarter ended Jan 31, 2019, as the group had stopped recognising its share of Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) profits.
The water concessionaire, previously 40 per cent owned by the group, was sold to Pengurusan Air Selangor Sdn Bhd for RM2.55 billion last year. The upfront payment of RM1.9 billion is expected to be received in March 2019.
Meanwhile, profit from operations fell 10 per cent to RM162.51 million from RM179.95 million a year earlier, Gamuda said in its latest financial report to Bursa Malaysia today.
Revenue for the quarter, however, increased to RM1.13 billion compared with RM998.92 million in the previous corresponding period.
The company said year-to-date, overseas projects contributed two-thirds of group property sales, driven by the robust sales of its two projects in Vietnam, namely Celadon City in Ho Chi Minh City and Gamuda City in Hanoi.
It also said GEM Residences in Singapore, which is almost fully sold, made significant contribution to property earnings too.
On current-year prospects, the group anticipated that 2019’s performance would be driven by overseas property sales especially Vietnam and Singapore, the progress of Mass Rapid Transit Line 2 that has continued to pick up pace and the steady earnings contribution from the expressway division. — Bernama
