[IJM (3336) 怡保工程 IJM CORP BHD：房地产开发，制造及采石部门的收入减少] - James的股票投资James Share Investing
James Ng Stock Pick Performance:
Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.50 (dividend RM0.04) in 1 year 10 months 10 days, total return is 255.2%
b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM31.20 (adjusted)(dividend RM0.32) in 1 Year 11 months 21 days, total return is 159.6%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.77 (adjusted)(dividend RM0.055) in 1 Year 20 days, total return is 140.6%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.68 (dividend RM0.04) in 1 year 11 months 21 days, total return is 116.4%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.895 in 1 year 5 months 2 days, total return is 55.7%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.22 (dividend RM0.188) in 1 Year 8 months 15 days, total return is 51.4%
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[IJM CORP BHD: lower revenues contributed by the Group’s Property Development and Manufacturing & Quarrying divisions]
In the current quarter, the Group achieved an operating revenue of RM1,440.36 million, a decrease of 4.4% over the corresponding quarter of the preceding year, following lower revenues contributed by the Group’s Property Development and Manufacturing & Quarrying divisions. The Group also recorded a pre-tax profit for the current quarter of RM163.59 million, a decrease of 7.7% over the corresponding quarter of the preceding year, as the Group’s Construction, Property Development, Manufacturing & Quarrying and Infrastructure divisions posted lesser profits.
The Group’s pre-tax profit for the current period totalled RM421.20 million, an increase of 33.1% compared to the corresponding period of the preceding year.
Construction: Pre-tax profit for the current quarter and period decreased by 16.9% and 4.3% respectively compared to the corresponding period of the preceding year mainly attributable to the decrease in overall construction margin and increased finance cost.
Property development: Current quarter revenue and pre-tax profit decreased by 32.3% and 2.6% respectively compared to the previous year’s corresponding quarter. The decline in current quarter revenue was mainly due to the completion of certain development projects and sale of commercial land that took place during the previous year’s corresponding quarter whilst new launches for the current quarter are being realigned due to product adjustments. On a period basis, the revenue and pre-tax profit was 8.7% and 11.0% higher as compared to the corresponding period of the preceding year.
Manufacturing and quarrying: Both current quarter revenue and pre-tax profit decreased by 12.2% compared to the previous year’s corresponding quarter mainly due to lower deliveries of piles and ready-mixed concrete. Revenue and pre-tax profit for the period was lower by 2.9% and higher by 4.6% respectively compared to the previous year’s corresponding period.
Plantation: Despite the unrealised fair value losses of RM24.4 million on crude palm oil pricing contracts, the higher FFB production coupled with better commodity prices and favorable currency movements on US Dollar and Japanese Yen denominated borrowings resulted in improved financial performances for the current quarter and period compared to the corresponding period of the preceding year.
Infrastructure: The Division’s pretax profit for the current quarter decreased by 56.6% compared to the corresponding quarter of the preceding year mainly due to lower contribution from associates. Over the current period, the Division’s pre-tax profit climbed 10.7% compared to the corresponding period of the preceding year. These were partly dampened by the weaker contribution from associates in the current period.
The Group’s pre-tax profit increased to RM163.6 million compared to RM114.2 million posted in the immediate preceding quarter. The financial performance of the Group’s Plantation division also improved.
The Group’s Construction division expects a challenging year in view of the subdued property market and reduced infrastructure spending by the Government. With reduced availability of new construction jobs in the local market and a more competitive tender environment, the division will remain vigilant and cautious.
The local property market is expected to remain challenging although consumer sentiments have improved. The key issues of price affordability, the overhang of high-rise properties, rising cost of living and tight financing arrangements will continue to have a dampening effect.
The Group’s Industry division expects a challenging year given the competitive domestic and overseas operating environment. The Group's Plantation division expects crop production in the final quarter of the financial year to reduce as the cropping pattern moves to the normal trough. Notwithstanding the division continuing to face cost pressures arising mainly from wage increases, the continuation of the prevailing commodity prices and foreign exchange rates particularly that of the Rupiah against the US Dollar and the Japanese Yen are expected to contribute to an improved performance for the financial year.
Given the constantly changing business environment, the Group expects the current financial year to be challenging.
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