KUALA LUMPUR (June 27): Gamuda Bhd's net profit in its third quarter ended April 30, 2018 (3QFY18) grew 17% to RM200.69 million, from RM170.93 million a year ago, mainly due to higher work progress from the group’s construction projects, stronger overseas property sales, and contribution from several new property projects in Malaysia. 

Quarterly earnings per share (EPS) rose to 8.16 sen, from 7.04 sen in 3QFY17. Revenue for the quarter jumped 47% year-on-year to RM1.24 billion, from RM839.49 million.

It announced a 6 sen second interim dividend, payable on July 31. 

For the nine-month period ended April 30 (9MFY18), Gamuda’s net profit grew 23% y-o-y to RM614.96 million from RM499.34 million, as revenue rose 37% y-o-y to RM3.01 billion from RM2.2 billion, with better contribution from all three core operations — led by its engineering and construction segment.

In a Bursa Malaysia filing today, Gamuda said its performance for the year is “on track”, as its MRT Sungai Buloh-Serdang-Putrajaya (SSP) Line (MRT 2) is picking up pace, further supported by higher overseas property sales in Vietnam and Singapore, and the launch of new local townships, besides steady earnings from its expressway division.

The property division sold RM2.6 billion worth of properties in 9MFY18, 85% more than the RM1.4 billion sales it achieved in the same period last year. "Local projects contributed 30% of overall sales," Gamuda said.

The MRT Line 2, which Gamuda is undertaking as project delivery partner via joint venture firm MMC Gamuda KVMRT (PDP SSP) Sdn Bhd, is 22% complete as at end-May 2018, while the overall underground works' cumulative progress is at 31.5%.

Additionally, its joint venture works with Naim Engineering Sdn Bhd for the WPC04 (Pantu Junction to Btg Skrang) portion of the Pan-Borneo Sarawak highway is 25% complete.

On the Penang Transport Master Plan, Gamuda updated that the railway scheme for the light rail transit and the environmental impact assessment reports for the Pan Island Link 1, as well as reclamation works have been submitted to relevant federal government agencies. 

"Discussions with the relevant state and federal government agencies have intensified, and we target to obtain the approvals by 4Q2018," the company added.

In a separate filing, Gamuda said it has extended its contract with managing director Datuk Lin Yun Ling for another five years, ending June 30, 2023.

Lin, who is also a founder of Gamuda, has been the group's MD since 1981.

Shares of Gamuda Bhd closed 3 sen or 0.94% higher at RM3.22 today, giving the group a market capitalisation of RM7.97 billion.