KUALA LUMPUR, Feb 25 — IJM Corp Bhd’s net profit soared by 190 per cent to RM144.5 million in the third quarter ended December 31, 2020 , from RM49.77 million in the same period a year ago.Chief executive officer and managing director Liew Hau Seng said the group’s businesses were able to continue operating when the conditional movement control order was reimplemented in certain states on October 14, 2020.
Meanwhile, its construction division’s revenue increased by 7.9 per cent year-on-year to RM520.3 million and its property division’s revenue increased by 63 per cent y-o-y to RM529.8 million from RM325.1 million in Q3 2020. IJM noted that during the quarter, the Indonesian rupiah strengthened against both the US dollar and the Japanese yen, resulting in a net foreign exchange gain of RM29.5 million on the foreign currency-denominated borrowings.
Liew said IJM expects a gradual recovery in the business landscape, arising from the government’s efforts to revitalise the economy through an expansionary Budget 2021 and Covid-19 stimulus measures. Despite the ongoing pandemic, IJM also managed to register sales of RM400 million in the quarter on the back of encouraging take-up of mid-range properties.