KUALA LUMPUR, Dec 16 (Bernama) -- Gamuda Bhd's pre-tax profit for the first quarter ended Oct 31, 2015 fell to RM192.55 million from RM228.84 million recorded in the same quarter last year.
"This was mainly due to the completion of the electrified-double tracking railway project in November 2014 and softening of the property market in Malaysia," Gamuda said in a filing to Bursa Malaysia today.
The company's property and infrastructure revenue also slipped to RM512.8 million for the quarter under review from RM569.64 million previously.
Group revenue, including the share of joint venture companies, rose to RM1.23 billion compared with to RM1.16 billion raked in the same quarter of the preceding year.
"The higher revenue was mainly due to increased work progress of the Klang Valley Mass Rapid Transit Line 1 project.
"The project, which was 76 per cent completed as at November 2015, is on target for Phase 1 completion in December 2016 and full completion is due by July 2017, with no significant cost overruns so far," it said.
Going forward, the company was anticipating good performance this year from on-going construction projects and steady earnings from the water and expressway concessions division.
"However, with the softening residential and non-residential property market in Malaysia, weaker growth for the property division is expected in the coming quarters," it added.
-- BERNAMA
Source: http://www.bernama.com/bernama/v8/bu/newsbusiness.php?id=1200067
No comments:
Post a Comment