KUALA LUMPUR: IJM Corporation Bhd has recorded a lower net profit of RM86.88 million in the first quarter ended June 30, 2024 (1Q FY2025), compared to RM100.64 million a year ago.
Revenue, however, increased by 14.6 per cent to RM1.40 billion during the quarter from RM1.23 billion previously, primarily due to improvements in construction, infrastructure-port, investment and other segments.
"Construction revenue for 1Q FY2025 improved significantly by 76.0 per cent compared to 1Q FY2024, mainly due to higher construction work activities during the period in tandem with the higher order book," it said in a Bursa Malaysia filing today.
It also said that the group is well-positioned for an improved performance in FY2025, as the construction division will focus on the timely execution and completion of its order book in hand of RM6.5 billion.
"The order book grew by RM1.3 billion in the current quarter comprising Siliconware Precision Industries Phase 1, Iskandar Puteri Data Centre and United Logistic Hub (Plot A).
"With the current order book in hand and the anticipation of further job wins during FY2025, the division is expected to perform better in FY2025," it said.
IJM Corp said with its unbilled sales of about RM2.3 billion and its diverse range of new property launches scheduled for FY2025, the property division is well-positioned to maintain its good performance in FY2025.
"With its secured order book of 0.9 million tonnes and the pipeline of new projects coming on stream, both locally and overseas, the industry division is poised to deliver another year of strong performance in FY2025," it said.
IJM Corp expects the toll business to uphold its performance for FY2025, while the port business is projected to remain positive.
In a statement, group chief executive officer and managing director Datuk Lee Chun Fai said the 1Q FY2025 results provide a solid start to the financial year.
"With a robust balance sheet, we are well-positioned to build upon the positive operating momentum.
"The replenishment of our order book across the construction and industry divisions remains promising, buoyed by sustained consumer confidence in the property market, robust cargo volumes at Kuantan Port, and stable traffic at our toll concessions," he said.
-- BERNAMA
TAGS: IJM Corp, net profit, Lee Chun Fai, construction