News: Gamuda to ramp up productivity following easing of restrictions

Jun 25, 2020

Gamuda Bhd is now focused on ramping up productivity at all fronts after the government eased restrictions and implemented the conditional movement control order (MCO).

The group expects its RM7 billion construction order book and RM3 billion unbilled property sales to see it through the next two years, reported Bernama.

Gamuda also has a healthy balance sheet and a prudent gearing of 0.4 times.

The group saw its net profit declined to RM40.23 million in the third quarter ended 30 April 2020 from RM175.98 million over the same period last year.

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Revenue also dropped from RM1.03 billion to RM549.9 million.

The weak performance came as the government’s MCO resulted in lack of property sales, work stoppages and low traffic at its four expressways.

“The MRT Line 2 progress was picking up, while the property division and expressways were delivering steady results up until the imposition of the MCO in mid-March 2020,” Bernama quoted the group as saying.

In the first nine months of this financial year, Gamuda Land posted RM1.2 billion in property sales, down from the RM2 billion sales registered over the same period last year.

Overseas property projects led its sales performance as they accounted for two-thirds of Gamuda Land’s total property sales.

“The company’s property sales in Vietnam continued to do well, while OLA residences — Gamuda’s latest property project in Singapore — recorded S$219 million (RM673 million) in sales during its maiden launch in mid-March 2020,” said the group.

 

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Nazree Abdul Aziz
Real Estate Negotiator
REN: 24545
IW Properties
nazree.abdulaziz@yahoo.com.my
(+60) 12-3320147