Gamuda sees flat earnings growth in 1Q, declares six sen dividend

KUALA LUMPUR (Dec 14): Gamuda Bhd has reported almost flat growth in its first quarter net profit at RM173.62 million, versus RM172.04 million a year ago, amid a decline in the profitability of the group’s Malaysian operations.

Earnings per share for the quarter ended Oct 31, 2019 rose to 7.02 sen from 6.97 sen previously.

The group declared an interim dividend of six sen per share.

In its filing with Bursa Malaysia, Gamuda said profits derived from overseas grew 63% to RM60.45 million from RM37.19 million in the year-ago first quarter.

Profits from its Malaysian operations, on the other hand, fell 16% to RM113.17 million from RM134.85 million.

First quarter revenue grew 21% to RM1.09 billion from RM903.88 million a year earlier.

Going forward, the group anticipates the current financial year’s performance to be driven by property sales overseas (especially in Vietnam) and the progress of the MRT Line 2 that continues to pick up pace.

Gamuda’s share price fell two sen or 0.53% to RM3.78 yesterday, giving the group a market capitalisation of RM9.35 billion.

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