Gamuda posts 17.4% rise in Q3 net profit

PETALING JAYA: Gamuda Bhd, whose managing director Datuk Lin Yun Ling’s contract has been renewed for another five years, reported a 17.4% increase in net profit to RM200.69 million for the third quarter ended April 30 against RM170.93 million in the previous corresponding period, buoyed by higher work progress from its various construction projects coupled with stronger overseas property sales and several new property projects in Malaysia.
Revenue surged 47.4% to RM1.24 billion from RM839.49 million.
The group proposed an interim dividend of 6 sen per share for the quarter.
Gamuda’s nine-month net profit rose 23.2% to RM614.96 million from RM499.34 million. Revenue came in at RM3.01 billion, 37% higher than the RM2.2 billion it made a year ago.
Commenting on prospects, the group said its performance is on track for this year due to the pick up in MRT2 progress, higher property sales driven by overseas projects especially Vietnam and the launch of new townships in Malaysia as well as steady earnings contribution from the expressway division.
Gamuda said Lin’s new contract starts on July 1, 2018 and runs until June 30, 2023.
Gamuda gained 3 sen or 0.9% to RM3.22 today on 6.7 million shares done.