Malaysian construction firms with projects in India could take Covid hit 29 Apr 2021 / 22:20 H. A nurse displaying a vial of the AstraZeneca Covid-19 vaccine manufactured by Serum Institute of India, at a medical centre in Mumbai. India is grappling with a surge in Covid-19 infections. – REUTERSPIX
PETALING JAYA: Earnings of Malaysian construction groups IJM Corp Bhd and Sunway Construction Group Bhd (SunCon) could be negatively impacted as Covid-stricken India, where they have a presence, grapples with the high number of infections, said Maybank Investment Bank Research (Maybank IB Research).
“Based on scenario analysis, our FY22 net profit forecast for IJM could be negatively impacted by 7%, and FY21 net profit for SunCon by 9%,” said the research house, while maintaining its forecasts and target prices for now.
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’s decline in earnings for the first half of financial year ending July 31,2021 (FY21) could be just a bump on the road as its performance is expected to improve in the second half of the year, driven by a pick-up in construction activities and property sales as well as strong order book replenishment prospect.
The company’s net profit for the first half ended Jan 31,2021 contracted 33% year-on-year (y-o-y).
This was due to the partial return of the movement restraint, which resulted in reduced activities at construction projects, slower progress at property projects and lower traffic at toll roads.
Its construction unit was hurt by the downsized MRT2 contract.