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Gamuda Q4 Earnings Fall 25%
Malaysia Daily Bulletin | 29 September 2015
By:
  • Despite recording a 5.3 percent rise in 4Q15 turnover to RM632.3 million, Gamuda’s net profit for the quarter slumped 25.4 percent to RM153.7 million, mainly due to the completion of the electrified-double tracking railway.
  • For the full-year, top line gained 7.6 percent to RM2.4 billion, attributable to higher contributions from Kesas as a result of the additional stake in the concessionaire of Shah Alam Expressway, while bottom line declined 5.2 percent to RM682.1 million.
  • Looking ahead, the group anticipates good performance from ongoing construction projects and steady earnings from the water and expressway concessions division but expect its property division to be weighed down by a softening market.

Significance: In a separate note, Hong Leong IB Research has maintained its ‘Buy’ call on the stock with a target price of RM5.01. The research house noted possible catalysts in the short term that includes contracts related to MRT 2 as well as the resolution of its water asset deal.


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