Gamuda’s Q4 profit flat on lower income, higher taxes

PETALING JAYA: Gamuda Bhd reported a flat net profit of RM152.1 million for the fourth quarter ended July 31, 2016 against RM153.68 million in the previous corresponding period due to lower income and higher income tax expenses.
Revenue saw a slight drop of 1.4% from RM623.27 million to RM614.39 million on the back of the tapering of underground and elevated works for the MRT Line 1 project.
In a filing with the stock exchange, Gamuda, however, said it anticipates a good performance next year from on-going construction projects and steady earnings from the expressway concessions division.
Meanwhile, its property division’s performance is expected to pick up in the next few quarters due to the launches of several new projects in Malaysia and overseas.
Gamuda’s full-year net profit fell 8.2% from RM682.14 million to RM626.13 million on the back of a 11.6% decline in revenue from RM2.4 billion to RM2.12 billion.