IJM Corp sees better second quarter performanceIJM Corp sees better second quarter performance

KUALA LUMPUR: IJM Corp Bhd’s net profit for the second quarter ended Sept 30 jumped 83.56% year-on-year to RM137.25 million versus RM74.77 million, due mainly to significant growth in its construction and infrastructure divisions.

The company said yesterday that its revenue for the quarter increased to RM1.14 billion from RM1.09 billion a year earlier.

Earnings per share was 9.93 sen compared with 5.45 sen in 2011, while net assets per share was RM3.91. IJM Corp declared a first interim dividend of four sen per share (single tier) for financial year ending March 31, 2013 to be paid on Dec 21, 2012.

Reviewing its performance, IJM Corp said fluctuations in foreign exchange rates also resulted in an unrealised gain of RM22.8 million in the current quarter.

On its prospects, IJM Corp said its construction division expects a satisfactory level of performance with order book replenishment remaining encouraging following the award of major infrastructure and building projects.

“The group’s property division expects to deliver a satisfactory performance in the current financial year underpinned by strong unbilled sales exceeding RM1.3 billion, strategically located land bank and a wide array of affordable products,” it said.

The group’s tolling, ports, power and water operations expect continued growth in concession revenues, thereby further enhancing the bottom line of the group’s infrastructure division, it said.

However, it added, uncertainties due to foreign exchange fluctuations may dampen group results.

“As a result of the above factors, and barring any unforeseen circumstances, the group expects to achieve a satisfactory performance for the current financial year,” it said.

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