Gamuda shares up despite lower Q4 net profit

PETALING JAYA: Gamuda Bhd's share price rose slightly by 0.57% this morning, despite announcing lower net profit for the the fourth quarter ended July 31, 2017.
At 10.57am, the stock stood at RM5.32 with 477,700 shares changing hands. Gamuda has a market capitalisation of RM13.06 billion.
Gamuda's earnings fell 32.44% to RM102.75 million during the quarter, from RM152.10 million a year ago due to a one-off provision for impairment on Smart's expressway.
The group said it set aside RM98.45 million as a one-off provision for impairment on Smart's expressway as a result of the lower-than-expected toll revenue projections in the year ended 2017.
Its revenue rose 64.91% to RM1.01 billion from RM614.39 million a year ago, due to higher work progress of its various construction projects and better property sales achieved by Celadon City in Ho Chi Minh and Gamuda City in Hanoi.