Gamuda posts marginal increase in Q2 earnings

PETALING JAYA: Gamuda Bhd saw a marginal 1.2% increase in its net profit for the second quarter ended Jan 31, 2020 to RM175.17 million, from RM173.14 million seen in the same quarter last year, due to higher construction profit mainly from the MRT Line 2.

Revenue for the quarter was 3.06% lower at RM1.09 billion, from RM1.13 billion previously.

For the six-month period, the group posted a net profit of RM348.79 million, up 1.05% from RM345.18 million seen in the same period last year.

Revenue was higher at RM2.19 billion, from RM2.03 billion a year ago.

“Gamuda Land sold RM1 billion worth of properties for the first half of this year, lower than the RM1.3 billion sales for the same period last year due to a challenging Malaysia property market.

“Nevertheless, Vietnam property projects continued to deliver steady results. Overseas sales contributed two-thirds of overall property sales,” it said in its Bursa filing.

Looking ahead, Gamuda said the current year’s performance will be driven by overseas property sales especially Vietnam and the continued progress of MRT Line 2.

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