IJM on track for FY2018

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PETALING JAYA: IJM Corporation Bhd released its financial results for the third quarter ended Dec 31 2017. Consolidated revenue stood at RM1,566.2mil, representing a decrease of 1.9% from RM1,596.5mil reported in the same quarter last year.

The Group also recorded a pre-tax profit for the current quarter of RM172.4mil, a decrease of 14.2% as compared to the same quarter last year, partly due to lower contributions from the Group’s Property division.

The Property division reported higher revenue, by 14.1%, to RM355.0mil as compared to the previous year on the back of better sales performance achieved as well as the completion of some projects during the current quarter.

However, the Property division pre-tax profit for the current quarter decreased by 31.8%.

According to the statement, IJM Corporation Bhd chief executive officer and managing director  Datuk Soam Heng Choon said, “While executing some of the biggest projects in IJM’s history, we remain focused on building capacity and growing our recurring income base from projects such as the West Coast Highway, Kuantan Port New Deep Water Terminal (NDWT), The Light City in Penang, Menara Prudential and the Solapur-Bijapur Tollway.

Some of these concessions will soon enter commercialisation stage, starting with the operational commencement of Phase 1A of Kuantan Port’s NDWT in mid-2018.”

Datuk’ Soam added, “The property market has stabilised and we are on track to achieve our sales target of RM1.6bil for FY18.

This is on the back of the positive response to our well-established townships in Bandar Rimbayu and Seremban 2 as well as recent launches. For example, the response to Riana South, Cheras was encouraging, with over 60% in bookings achieved within a month of its launch.

The Group’s Property division expects to sustain its performance on the back of unbilled sales of around RM1.9bil.”

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