GAMUDA (5398) - Gamuda profit rises 7%
PETALING JAYA: Gamuda Bhd recorded a 7% increase in net profit to RM182.18mil and a 26% growth in revenue to RM653.24mil for its second quarter ended Jan 31, 2015, boosted by strong contribution from the Klang Valley Mass Rapid Transit (KVMRT) project and the Gamuda City development in Vietnam.
The group’s higher stake in Kesas Sdn Bhd contributed to the increase in revenue.
Analysts said that Gamuda was the best proxy to the construction sector, given the company’s dominant role in the RM73bil KVMRT project.
The stock was last traded at RM5.20 yesterday, or 16 times its projected earnings for the current financial year ending July 31, 2015.
While the company’s involvement in the KVMRT project had been priced in, delays in concluding the sale of its water assets continue to hang over the stock.
“The group’s water concession division has ongoing discussions with the Selangor state government,’’ it said in a statement to Bursa Malaysia yesterday.
The group’s near-term performance continued to be underpinned by the KVMRT project.
“The KVMRT Line 1 (Sungai Buloh-Kajang) is on target for Phase 1 completion in December 2016 and full completion by July 2017,’’ it said.
Progress as at end-February had reached 61% completion.
Gamuda, in a joint venture with MMC Corp Bhd, is also the project delivery partner for the implementation of the MRT Line 2 (Sungai Buloh-Serdang-Putrajaya).
“Pre-qualification exercises to shortlist prospective tenderers for elevated works, stations and underground works are expected by the third quarter of 2015,” Gamuda said.
The group’s property division, meanwhile, sold RM292mil worth of property during the quarter, resulting in total sales of RM535mil for the first half of the financial year.
Unbilled property sales at the end of the second quarter was at RM1.5bil, while ongoing projects include Bandar Botanic in Klang, Jade Hills in Kajang, Madge Mansions and The Robertson in Kuala Lumpur and Horizon Hills in the Iskandar Johor region.
“Property sales continued to improve in Vietnam.
“At Gamuda City in Hanoi, sales have increased noticeably following the completion of the residential landed properties and the setting up of a reputable international school.
“In tandem with the robust outlook on Vietnam’s economy and further liberalisation of foreign ownership of properties in Vietnam, we expect that sales will continue to pick up,” said Gamuda.
Besides that, the division had acquired 1,435 sq m of freehold land located about 4km southeast of Melbourne’s central business district in Australia.
A high-rise development with a gross development value of RM380mil will be constructed on the land.
http://www.thestar.com.my
PETALING JAYA: Gamuda Bhd recorded a 7% increase in net profit to RM182.18mil and a 26% growth in revenue to RM653.24mil for its second quarter ended Jan 31, 2015, boosted by strong contribution from the Klang Valley Mass Rapid Transit (KVMRT) project and the Gamuda City development in Vietnam.
The group’s higher stake in Kesas Sdn Bhd contributed to the increase in revenue.
Analysts said that Gamuda was the best proxy to the construction sector, given the company’s dominant role in the RM73bil KVMRT project.
The stock was last traded at RM5.20 yesterday, or 16 times its projected earnings for the current financial year ending July 31, 2015.
While the company’s involvement in the KVMRT project had been priced in, delays in concluding the sale of its water assets continue to hang over the stock.
“The group’s water concession division has ongoing discussions with the Selangor state government,’’ it said in a statement to Bursa Malaysia yesterday.
The group’s near-term performance continued to be underpinned by the KVMRT project.
“The KVMRT Line 1 (Sungai Buloh-Kajang) is on target for Phase 1 completion in December 2016 and full completion by July 2017,’’ it said.
Progress as at end-February had reached 61% completion.
Gamuda, in a joint venture with MMC Corp Bhd, is also the project delivery partner for the implementation of the MRT Line 2 (Sungai Buloh-Serdang-Putrajaya).
“Pre-qualification exercises to shortlist prospective tenderers for elevated works, stations and underground works are expected by the third quarter of 2015,” Gamuda said.
The group’s property division, meanwhile, sold RM292mil worth of property during the quarter, resulting in total sales of RM535mil for the first half of the financial year.
Unbilled property sales at the end of the second quarter was at RM1.5bil, while ongoing projects include Bandar Botanic in Klang, Jade Hills in Kajang, Madge Mansions and The Robertson in Kuala Lumpur and Horizon Hills in the Iskandar Johor region.
“Property sales continued to improve in Vietnam.
“At Gamuda City in Hanoi, sales have increased noticeably following the completion of the residential landed properties and the setting up of a reputable international school.
“In tandem with the robust outlook on Vietnam’s economy and further liberalisation of foreign ownership of properties in Vietnam, we expect that sales will continue to pick up,” said Gamuda.
Besides that, the division had acquired 1,435 sq m of freehold land located about 4km southeast of Melbourne’s central business district in Australia.
A high-rise development with a gross development value of RM380mil will be constructed on the land.
http://www.thestar.com.my
