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IJM's 1Q pre-tax profit declines to RM166 million

KUALA LUMPUR: IJM Corp Bhd's pre-tax profit for the first quarter ended June 30, 2012, declined to RM166.215 million from RM201.610 million recorded in the same period last year. Revenue, however, rose slightly to RM1.041 billion from RM1.033 billion previously contributed by the growth of revenue in the construction, property and infrastructure division, it said in a filing to Bursa Malaysia on Aug 28.

The drop in pre-tax profit was due to the unrealised foreign exchange losses totalling RM31 million in the current quarter and the decline in the plantation division's profits of RM37.2 million, resulting from the lower fresh fruit bunches yields following the change in cropping pattern from previous year.

On prospects, it said the construction division's performance was expected to further improve with many local construction projects gaining momentum while its order book remained good with the awarding of major infrastructure and building projects.

The group's property division is also expected to deliver a satisfactory performance while the industry division's sales of building materials is likely to increase in tandem with the expected growth in the infrastructure activities.

It added that the positive contributions from the tolling, ports, power and water operations are expected to continue as concession revenues increase and further enhance the bottom line of the group's infrastructure division.--Bernama

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