Friday 29 Mar 2024
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KUALA LUMPUR (June 27): Gamuda Bhd announced today that its net profit for its third quarter ended April 30, 2019 (3QFY19) fell 15% year-on-year as the group stopped recognising its share of profits from Syarikat Pengeluar Air Sungai Selangor or Splash, which it sold at the end of last year.

Consequently, net profit retreated to RM175.99 million from RM206.1 million, as revenue shrank 16% to RM1.04 billion from RM1.24 billion. Earnings per share slipped to 7.13 sen versus 8.38 sen previously, its stock exchange filing yesterday showed.

The group also declared a second interim dividend of six sen per share, same as a year ago, which will be paid on Aug 6, 2019 — bringing its year-to-date payout to 12 sen.

In the filing, the group also noted that its two projects in Vietnam — namely Gamuda City in Hanoi and Celadon City in Ho Chi Minh City — continued to sell well and together with the earnings contribution from Singapore, mitigated the lower earnings contribution from the new townships in Malaysia.

As for its cumulative nine months, net profit fell 18% to RM521.17 million compared with RM633.82 million — again due to the Splash sale — while revenue was slightly up by 2% to RM3.07 billion from RM3 billion a year ago.

"Gamuda Land’s overseas projects contributed two-thirds of group property sales; steered by steady sales of its two projects in Vietnam namely Gamuda City in Hanoi and Celadon City in Ho Chi Minh City," it added.

On the remainder of FY19, Gamuda is anticipating its performance to be driven by its overseas property sales, especially in Vietnam, progress of MRT Line 2 that has continued to pick up pace, and steady earnings contribution from its expressway division.

Gamuda shares closed five sen or 1.36% lower today at RM3.72, for a market capitalisation of RM9.19 billion. Year-to-date the counter has risen 59%.

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