IJM Corp’s 4Q net profit falls almost 30% on credit loss from West Coast Expressway
For the quarter, IJM said construction revenue grew 60.
For the quarter, IJM said construction revenue grew 60.
Together, the three links span about 75.
The land has yet to be vacated till now, WCE said, causing the connection between Section 2 and 4 of the expressway to be delayed.
Of the West Coast Expressway’s 11 sections, eight have been completed and begun operations — the most recent being Section 2, which commenced in January this year.
While some of the variation works were "acknowledged" and paid by Turnpike, Turnpike did not revise the contract price to reflect these variations, they said.
It was previously estimated that the project would cost RM5.
WCE Holdings updated that the construction of Section 11 of the WCE project has been completed and is currently at the inspection stage.
The segment's operating profit grew to RM45.
After the one-month period, cars will be charged the highway’s toll rate of RM3.
IJM Construction has allegedly refused, failed and/or neglected to pay the outstanding sum despite Citaglobal Land completing its contractual obligations, said Citaglobal.