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Gamuda 2Q profit 19% higher at RM168m

KUALA LUMPUR: Gamuda Bhd recorded a 19.34% increase in net profit for its fourth quarter ended July 31, 2013 (4QFY13), thanks to bigger contributions from its construction, water and expressway concession divisions.

In a filing with Bursa Malaysia, the construction company said its net profit was RM167.68 million compared with RM140.5 million in the previous corresponding period. Revenue for the quarter also increased to RM1.33 billion from RM969.82 million.

Its FY13 net profit was down by 1.08% to RM541.4 million compared with RM547.31 million in FY12 as it had incurred arbitral awards and other costs for awards rendered by the Arbitral Tribunal in favour of Gamuda’s subcontractors.

Revenue was at RM3.88 billion compared with RM3.09 billion previously. The company attributed the higher revenue to improved work progress in the Klang Valley mass rapid transit project.


This article first appeared in The Edge Financial Daily, on September 27, 2013.

 

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