Gamuda May Rise On Strong 3Q Results

Gamuda Bhd (5398.KU) may rise towards its recent high of MYR3.82; the company said its 3Q net profit rose 40% on-year to MYR116.6 million, while revenue gained 22% to MYR621.2 million. The company says all divisions contributed to the higher net profit and revenue. "With the existing construction projects progressing on schedule and the strong performance of the property division, the group's results are expected to further improve in the remaining quarter," the company adds. A local dealer says the results are above expectations and the outlook for the company remains strong. The stock ended 0.5% lower at MYR3.75 Thursday.