IJM Corp’s Net Profit Jumps Over Fivefold in Fourth Quarter

IJM Corp’s Net Profit Jumps Over Fivefold in Fourth Quarter

PETALING JAYA, 26 May: IJM Corp Bhd saw its net profit in the fourth quarter ended March 31, 2017 jump more than five-times to RM236 million, from RM44.2 million in the previous corresponding quarter on the back of higher revenue.

Revenue was up 43% to RM1.7 billion, compared with RM1.2 billion in the same period last year, following increased revenue contributed by the group’s construction, property development, manufacturing and quarrying and plantation divisions.

For the 12-month period, its net profit declined 17.6% to RM653.8 million, from RM793.6 million a year ago.

This was mainly due to absence of the one-off gains from the stake disposals in Jaipur-Mahua Tollway Private Ltd and Swarna Tollway Private Ltd recorded in the preceding year, it said in a filing with Bursa Malaysia yesterday.

On prospects, IJM said its construction division is expecting a satisfactory performance on the current level of its high order book, underpinned by the group’s ongoing development activities and infrastructural projects.

However, it said the property market is expected to remain challenging given weaker consumer sentiment coupled with continued stringent mortgage approval and incoming supply of completed properties. – The Sun