UALA LUMPUR, Dec 22 — Gamuda Bhd expects its performance in the remaining quarters of the current financial year to improve with projects progressing on schedule and recovery of the property market.
The group said that work progress of the electrified double track project is expected to pick up in the remaining quarters of the financial year.
“The work progress was behind schedule due to delays in design approval and late handover of land by the authorities,” it said in a statement to Bursa Malaysia today.
As a result of the handover land delays, the government has granted the project an interim extension of time of 11 months to complete the project, Gamuda said. The project completion date is now revised from January 2013 to December 2013, it said.
On the new Doha International Airport project in Qatar, Gamuda said progress claims submitted to the Qatari Government were being settled within the contractual period.
“Qatar, which is rich in oil and gas resource, is unaffected by the Dubai debt crisis. The project is progressing on schedule,” it said.
Its Yenso Park and Sewage Treatment Plant projects in Vietnam were progressing well and the recent devaluation of the Vietnamese Dong has no significant near term impact, the group said. Gamuda said its established developments like Kota Kemuning, Bandar Botanic and Valencia Development gained the most from the market turnaround in the middle of the last financial year.
“The property sector continues to gain momentum and the results for the quarter showed further improvement and the products in demand for the quarter were semi-detached houses, bungalow homes and commercial shops,” it said.
“With its substantial locked-in unbilled sales of RM700 million, the property division’s performance is expected to improve further in the remaining quarters of the financial year,” it added.
On its water-related concession division, Gamuda said the Selangor state government’s offer to Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) was deemed lapsed and of no effect.
Last month, the state government informed Splash that it was unable to proceed with its takeover offer due to Syarikat Bekalan Air Selangor Sdn Bhd and Puncak Niaga (M) Sdn Bhd’s disagreement with its offer to them. Gamuda has a controlling 40 per cent stake in Splash.
For the first quarter ended Oct 31, 2009, Gamuda posted a higher pre-tax profit of RM83.488 million compared to RM71.977 in the same quarter last year.
The increase in pre-tax profit was due to higher contributions from all divisions, it said. The group’s revenue rose to RM623.960 million from RM613.964 million previously. — Bernama
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