Gamuda reports lower Q1 earnings
KUALA LUMPUR: Engineering and construction firm, Gamuda Bhd saw its net profit slip 16% to RM172.04mil for its first quarter ended July 31, 2018 as compared with RM204.07mil it posted for the same quarter previously.
In a filing to Bursa Malaysia, Gamuda attributed the lower earnings to the disposal of its 40% stake in Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).
“The lower group earnings is because the Group stopped recognising its share of Splash profits with effect from this quarter following the sale of Splash at the end of the last financial year,” it said.
Revenue for the quarter was higher at RM903.88mil versus RM770.76mil before.
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