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Gamuda-MMC have a strong chance of bagging MRT tunneling works

KUALA LUMPUR: The Gamuda-MMC partnership stands a strong chance of bagging the tunneling works worth RM14 billion for the whole KL Mass Rapid Transit (MRT) project, as Gamuda is probably the only local contractor qualified for the task.

OSK Research said in its research report that Gamuda's track record includes the SMART Tunnel, Penchala Tunnel and Kaohsiung MRT.

The Cabinet has approved the RM36 billion KL Mass Rapid Transit (MRT) project.

The first line to be constructed will run 60km from Sg Buloh to Kajang.

Gamuda-MMC was picked as the Project Delivery Partner (PDP).

OSK Research raised its Financial Year 2011 to 2013 (FY11-13) earnings for Gamuda by 1%-7% and highlighted the company as its top sector pick with a RM4.78 target price.

Gamuda recorded a higher pre-tax profit of RM109.7 million in the first quarter ended Oct 31, 2010 from RM94.5 million in the preceding year's comparative quarter.

OSK Research said the results were above expectations.

Gamuda reported strong property sales in the first quarter of RM350 million which is 42.7% of FY10 full year.

This caused its unbilled sales to jump from RM560 million to RM760 million quarter-on-quarter. — Bernama
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