PETALING JAYA: Gamuda Bhd recorded RM152.1mil in net profit for the fourth quarter ended July 31, 2016, down marginally by 1%, while revenue was at RM614.4mil, also lower by 1.4%.
In its announcement to Bursa Malaysia, the group said the decrease in revenue was mainly due to tapering of underground and elevated works of the Klang Valley Mass Rapid Transit (KVMRT) Line 1.
The group’s profit before tax for the quarter, however, was up by 10.3%, attributed mainly to cost savings arising from the near completion of the same project.
For the full-year, the group recorded RM626.13mil in net profit and RM2.12bil in revenue, down 11.59% and 8.21% respectively.
The group’s construction division saw a decrease in revenue and profit before tax for the current year to date, due to the lessening of underground and elevated works for the KVMRT Line 1 project.
Although its property division was hit by the softening property market, the group said sales from properties in Vietnam and Singapore continued to improve.
In its water and expressway concessions division, the group said the increase in revenue and profit before tax for the year resulted from the toll rate hike of certain expressways.
Quarter on quarter, the group’s profit before tax increased to RM210mil from RM186mil previously, mainly due to higher contribution from construction division on the back cost savings from the near completion of the KVMRT Line 1 project.
On its prospects for the year ahead, the group said it anticipates a good performance from on-going construction projects and steady earnings from its expressway concessions division.
“The property division’s performance is expected to pick up in the next few quarters due to the launches of several new projects in Malaysia and overseas,” it said.
On the status of the KVMRT Line 1 project, the group said the overall cumulative progress at the end of August 2016 was at 91% completion and was on target for completion of phase one in December 2016 and full completion by July 2017, with no significant cost overruns so far.
As for MRT Line 2, it said the contract award programme was on track with 22 work packages awarded for the construction of the line.
