Gamuda Bhd group managing director, Datuk Lin Yun Ling said half of the targeted order book will be from Australia. KUALA LUMPUR: Gamuda Bhd is aiming to secure RM10 billion worth of order book in 2021, deriving from Penang’s reclamation jobs and Australia’s rail projects. Its group managing director, Datuk Lin Yun Ling said half of the targeted order book will be from Australia that has chosen to use fiscal stimulus to boost its economic recovery by allocating A$100 billion (A$1=RM3.02) for infrastructure development. "We have shortlisted three projects and the results will be out next year," he told a virtual media briefing today. Another RM5 billion will be derived from the Penang government’s reclamation plans, which the company is positive to obtain. "The reclamation project is important for the state's economic thrust as lands in Bayan Lepas, which is an electrical and electronics (E&E) hub, have run out. "The planned Island A off Bayan Lepas has been targeted by a lot of investors due to its strong E&E ecosystem and highly-skilled workforce. This will create 300,000 new jobs and attract foreign direct investment for the next 20 years," he said. On the mass rapid transit 3 (MRT 3) project, Lin said it is quite shovel-ready, awaiting government approval on land acquisition. On the impact of COVID-19 on its business, Lin said nothing significant took place except building additional labour quarters (for guest workers to ensure better separation), a quarantine facility, and a Polymerase Chain Reaction (PCR) lab facility for COVID-19 testing, as well as contact tracing. "This will cost a bit of disruption to the work but not in any significant manner. The MRT2 Sungai Buloh-Serdang-Putrajaya line project is on track to complete phase 1 by June next year. "We are not looking at any extension of time despite the MCO over the last few months," he said. To recap, Gamuda slipped into the red with a net loss of RM17.34 million in the fourth quarter ended July 31,2020 (4QFY20) against RM179.02 million net profit a year ago, due to a one-off asset impairment after of one of its industrialised building system factories was shut down. Its quarterly revenue declined 38 per cent year-on-year (y-o-y) to RM926.52 million from RM1.5 billion in 4QFY19. Excluding the one-off non-cash impairment, the group posted a core net profit of RM131 million in the three months. On a full-year basis, Gamuda’s net profit fell 47 per cent y-o-y to RM371.68 million from RM706.11 million, while turnover fell 20 per cent YoY to RM3.66 billion from RM4.57 billion. Main points of Gamuda briefing: BUSINESS OUTLOOK - CONSTRUCTION • Prospects for order book replenishment have improved significantly. • MRT 3 has been approved by the government and has been allocated funding in Budget 2021; MMC-Gamuda will discuss with the government on the best way forward for this project. • Penang Transport Master Plan (PTMP) - Subsequent to the signing of the PDP agreement, SRS Consortium has been actively engaged in discussions on commencing reclamation works on Island A, expected in Q1 2021. - The Penang State government is evaluating several proposals on how to move forward with respect to the PTMP. • Australia - Two Gamuda JVs have been successfully shortlisted and is approved to tender for 2 projects in Sydney – the M6 Motorway, and the Metro West tunnel projects. - The outcomes of these tenders are expected in 2021. - Massive infra opportunities are coming up in Australia, and Gamuda expects to be actively bidding for several projects in the coming years. • Construction order book stands at RM7b • MRT2 (RM4.6b), Taiwan (RM1b), Pan Borneo Highway (RM0.3b), Others (RM1.1b). BUSINESS OUTLOOK - PROPERTIES • Property sales are expected to improve next year on the back of a stronger economy, maturing projects and sustained strong sales from overseas • The division has targeted RM3.5b new property sales for FY21 • Our newest project in Singapore, OLA, is expected to sustain strong overseas sales in the next few years. This project is almost 40% sold since its launch in March this year • Our Celadon City development in HCMC is expected to complete within 2 or 3 years, and efforts to identify and secure a replacement project is ongoing • Domestically, we expect our flagship projects Gamuda Cove, Gamuda Gardens, twentyFive.7 and Horizon Hills to underpin local sales BUSINESS OUTLOOK - CONCESSIONS • The unexpected change in government in Feb this year has, unfortunately, resulted in the disposal of our toll roads not being concluded by the present government. • It is unclear at this point whether the present government will pursue a toll restructuring. We understand that they will announce a new Policy Direction with respect to the toll industry in the near future.
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