KUALA LUMPUR: IJM Corp Bhd's earnings rose 58% to Rm132.19m in the third quarter ended Dec 31, 2010 from RM83.64 million a year ago, boosted by its property and PLANTATION []s sector.
It said on Wednesday, Feb 23 revenue dipped 3.7% to RM901.34 million from RM936.31 million. Earnings per share were 9.78 sen compared with 6.32 sen.
IJM said the lower revenue was mainly due to mainly to the CONSTRUCTION [] and property divisions.
'The decrease in construction revenue was mainly caused by delays in some of the overseas projects while progress at local major projects such as the Grand Hyatt in Kuala Lumpur and Besraya Highway Extension have yet to reach full swing.
'Similarly, a substantial portion of the Group's current property portfolio comprised of projects that were still in early stages of construction such as The Light development in Penang,' it said.
IJM Corp said operating profit before tax rose 39.6% to RM224 million from RM161 million due to a capital gain of RM63 million from the disposal of a subsidiary.
Operating revenue fell 15.1% while the group's pre-tax profit increased by 44.9% mainly due to higher margins achieved by the property and plantation division, higher net foreign exchange translation gains in respect of offshore US Dollar denominated borrowings in the group's infrastructure division and one-off capital gain arising from the disposal of a subsidiary.
It said on Wednesday, Feb 23 revenue dipped 3.7% to RM901.34 million from RM936.31 million. Earnings per share were 9.78 sen compared with 6.32 sen.
IJM said the lower revenue was mainly due to mainly to the CONSTRUCTION [] and property divisions.
'The decrease in construction revenue was mainly caused by delays in some of the overseas projects while progress at local major projects such as the Grand Hyatt in Kuala Lumpur and Besraya Highway Extension have yet to reach full swing.
'Similarly, a substantial portion of the Group's current property portfolio comprised of projects that were still in early stages of construction such as The Light development in Penang,' it said.
IJM Corp said operating profit before tax rose 39.6% to RM224 million from RM161 million due to a capital gain of RM63 million from the disposal of a subsidiary.
Operating revenue fell 15.1% while the group's pre-tax profit increased by 44.9% mainly due to higher margins achieved by the property and plantation division, higher net foreign exchange translation gains in respect of offshore US Dollar denominated borrowings in the group's infrastructure division and one-off capital gain arising from the disposal of a subsidiary.
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