Gadang Q2 earnings up 1.7%

PETALING JAYA: Property developer Gadang Holdings Bhd’s net profit in the second quarter ended Nov 30, 2017 increased 1.7% to RM28.37 million from RM27.9 million in the previous corresponding quarter, mainly due to higher construction progress from ongoing projects.
Revenue for the quarter declined 2.9% to RM142.9 million, compared with RM147.1 million in the same period last year.
For the six months period, its net profit grew 4.7% to RM46.7 million, from RM44.6 million a year ago, while revenue up 3.4% to RM259.6 million, against RM251 million previously.
On its prospects, the group said it expects the current year performance to be resilient with stable margins derived from on-going construction activities.
Overall, the group said its involvement in more technically complex infrastructure projects and focus on affordable homes are the key contributors for the sustainable results.
Its share price slipped three sen or 2.56% to RM1.14 with 1.17 million shares done.