Gamuda’s Q3 net profit decreases to RM40m

KUALA LUMPUR, June 24 — Gamuda Bhd’s net profit for the third quarter (Q3) ended April 30, 2020 decreased to RM40.23 million from RM175.98 million in the same quarter a year ago.

Revenue fell to RM549.9 million from RM1.03 billion previously.

In a filing with Bursa Malaysia today, the group attributed its performance to work stoppages, lack of property sales and low traffic plying its four expressways as a result of the movement control order (MCO) during the quarter.

“The MRT Line 2 progress was picking up, while the property division and expressways were delivering steady results up until the imposition of the MCO in mid-March 2020,” it said.

The group said that following the government’s decision to ease restrictions through the implementation of the conditional MCO, it is now focusing on ramping up productivity at all work fronts.

It said Gamuda Land’s property sales declined to RM1.2 billion for the first nine months of this year, lower than the RM2 billion sales recorded during the same period last year.

Overseas property projects continued to lead in sales performance, accounting for two-thirds of its overall property sales.

“The company’s property sales in Vietnam continued to do well, while OLA residences — Gamuda’s latest property project in Singapore — recorded S$219 million (RM673 million) in sales during its maiden launch in mid-March 2020,” the group said.

Meanwhile, its current construction order book of RM7 billion as well as its unbilled property sales of RM3 billion are expected to see the company through the next two years.

“On top of that, the company has a healthy balance sheet, with a prudent gearing of 0.4 times,” it added. — Bernama

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