Gadang Holdings Net Profit Plummets 78.8% Amid Construction and Property Slump

Key Facts

1Gadang Holdings reported a 78.8% decline in first-quarter net profit to RM2.88 million.

2Construction revenue declined 66.5% to RM67.03 million during the period.

3Property division revenue decreased 56.6% to RM38.91 million.

Gadang Holdings reported a 78.8% decline in first-quarter net profit to RM2.88 million. EdgeProp reported that the slump was primarily driven by underperformance in the group's core divisions, with construction revenue falling 66.5% to RM67.03 million during the period.

The property division's revenue also decreased by 56.6% to RM38.91 million, highlighting significant operational headwinds. The financial results indicate that the profit contraction was largely due to lower contributions from both the construction and property segments.