Monday, August 15, 2011

IJM ... Aug11


Kitchen-sinking is complete and management sees no further provisions in India. Nevertheless there is little catalyst for IJM in India as competition for infrastructure construction remains stiff while the property and toll operations are not major contributors as yet.

Contributions from India are small at 2%-3%.
Having surprised with a loss for the construction division in 4QFY11, management does not envisage any more provisions, particularly in relation to collectibles on earlier jobs in India.

IJM has RM770 million ongoing construction jobs in India, of which 78% relates to two projects — the six lanes of the Chilkaluripet-Vijayawada section of National Highway 5 in Andhra Pradesh, and four lanes of the Pune- Solapur section of National Highway 9 in Maharashtra. This is about 20% of IJM’s RM4 billion outstanding order book but expect thin margins.

The National Highways Authority of India (NHAI) plans to award 7,000km to 8,000km of new roads per annum over the next two to three years, which at an average construction cost of about RM5 million per km, works out to about RM38 billion of potential new works each year. Competition for these jobs, however, continues to be stiff and IJM remains conservative in its pricing.

The group has 155 acres of landbank in India, which comprise two township developments that will sustain near-term earnings. Phase 1 of Raintree Park Hyderabad is completed and construction of the commercial mall and Phase 2 should commence soon. Phase 1 of Raintree Park Dwaraka Krishna should complete in a month, paving the way for Phases 2 and 3. Unbilled sales of RM85 million in India are small vis-à-vis the group’s RM1 billion.

At present, the toll road division of the group’s Indian operations is loss making. Losses nevertheless have narrowed with the build-up in traffic and management is looking to hold close to 100% stake in four of the five tollways for recurring earnings.

94 comments:

Anonymous said...

buy tramadol online buy tramadol online mastercard overnight - tramadol generic for ultracet

Anonymous said...

generic xanax xanax orange pill round - xanax withdrawal symptoms insomnia

Anonymous said...

generic xanax xanax drug get high - xanax 2mg xr

Anonymous said...

buy tramadol online tramadol 50 mg buy online - signs of tramadol overdose

Anonymous said...

generic xanax generic xanax information - can you buy xanax costa rica

Anonymous said...

xanax drug extended release xanax high - xanax topix

Anonymous said...

tramadol online no prescription tramadol for dogs and side effects - zydol 50mg tramadol hydrochloride

Anonymous said...

tramadol 100mg tramadol for dogs vs tramadol for humans - buy tramadol cod next day delivery

Anonymous said...

buy tramadol online can you really buy tramadol online - tramadol dosage 60 lb dog

Anonymous said...

buy xanax online no prescription overnight xanax 7176 - 10 xanax bars

Anonymous said...

tramadol overnight shipping tramadol hcl 93 58 - does generic tramadol look like

Anonymous said...

xanax online generic xanax to buy - xanax drug facts comparisons

Anonymous said...

alprazolam mg ativan vs xanax drug test - xanax 7176

Anonymous said...

buy carisoprodol cod carisoprodol buzz - carisoprodol 350 mg description

Anonymous said...

buy tramadol online tramadol for dogs addictive - tramadol 100mg buy online

Anonymous said...

buy tramadol online tramadol vs oxycodone high - tramadol 50 mg bluelight

Anonymous said...

xanax cheap xanax side effects eyes - buy sandoz alprazolam

Anonymous said...

generic xanax xanax for anxiety treatment - xanax before drug test

Anonymous said...

buy carisoprodol cheap muscle relaxant soma carisoprodol - listaflex carisoprodol 350 mg para sirve

Anonymous said...

buy cheap xanax xanax dosage for flying anxiety - xanax overdose potential

Anonymous said...

tramadol without prescription high dose of tramadol - tramadol dosage and frequency

Anonymous said...

buy tramadol online tramadol for dogs 50mg dosage - tramadol 100 mg recreational

Anonymous said...

generic xanax xanax effects next day - buy xanax no prescription needed

Anonymous said...

buy xanax cheap generic name xanax bars - where to buy xanax online forum

Anonymous said...

buy tramadol online tramadol withdrawal one week - buy tramadol online eu

Anonymous said...

tramadol no prescription can you buy tramadol otc - buy tramadol online usa

Anonymous said...

cheapest xanax best place to buy xanax online no prescription - xanax and 2 mg day

Anonymous said...

generic xanax 2mg of xanax high - canadian pharmacy no prescription xanax

Anonymous said...

carisoprodol 350 mg buy watson carisoprodol - soma carisoprodol overdose

Anonymous said...

buy tramadol online tramadol dosage 50 lb dog - tramadol hcl high erowid

Anonymous said...

generic carisoprodol buy carisoprodol overnight - buy soma carisoprodol online

Anonymous said...

generic xanax overdose of xanax to death - xanax 0.5 high

Anonymous said...

soma carisoprodol soma carisoprodol controlled - carisoprodol soma uses

Anonymous said...

buy carisoprodol carisoprodol recreational erowid - carisoprodol 1050 mg

Anonymous said...

buy tramadol online can overdose tramadol kill you - tramadol 625

Anonymous said...

buy tramadol online 100mg tramadol lot - tramadol high good

Anonymous said...

buy carisoprodol buy carisoprodol online cheap - carisoprodol long term effects

Anonymous said...

buy cialis online cialis everyday price - where to buy cheap cialis online

Anonymous said...

xanax online xanax for cheap - xanax 2mg colors

Anonymous said...

tadalafil no prescription cialis online free trial - get coupon cialis

Anonymous said...

buy tramadol online long develop tramadol addiction - tramadol 100mg buy online

Anonymous said...

buy cialis online cialis 60 anni - generic cialis cheap online

Anonymous said...

cialis online cialis online singapore - cialis dosage reviews

Anonymous said...

xanax antidepressant generic xanax rating - xanax dosage with food

Anonymous said...

xanax online enhance xanax high - xanax colors

Anonymous said...

cheap generic cialis cialis vs viagra buy online - generic cialis 10mg

Anonymous said...

xanax online xanax makes me sleepy - xanax generic 029

Anonymous said...

xanax online xanax side effects during pregnancy - 1 mg xanax high dose

Anonymous said...

cialis online cialis online forum - cialis with dapoxetine reviews

Anonymous said...

buy xanax without prescriptions xanax effects abuse - xanax pills pink

Anonymous said...

xanax online xanax .25 mg effects - xanax overdose pathophysiology

Anonymous said...

where to buy cialis online no prescription buy viagra cialis online usa - cialis how long to take effect

Anonymous said...

buy cialis online cialis 5 mg coupon - cialis 2.5 coupon

Anonymous said...

xanax online cheap legal xanax - pills xanax family

Anonymous said...

order tadalafil buy cialis black - tesco cialis price

Anonymous said...

buy generic cialis cialis daily safety - cheap cialis with prescription

Anonymous said...

xanax online xanax high altitude - xanax withdrawal 2012

Anonymous said...

cialis online price of cialis without insurance - buy generic viagra cialis online

Anonymous said...

cialis online cialis daily free trial - generic cialis reviews

Anonymous said...

http://buytramadolonlinecool.com/#63102 tramadol 50 mg capsules - tramadol buy online no prescription

Anonymous said...

http://landvoicelearning.com/#30896 buy tramadol online by cod - tramadol hcl 225 mg

Anonymous said...

buy tramadol buy tramadol online overnight - tramadol kidney disease

Anonymous said...

buy tramadol buy tramadol money order - tramadol 50 mg what is it for

Anonymous said...

http://buytramadolonlinecool.com/#63102 tramadol for cats overdose - buy tramadol overnight cod

Anonymous said...

buy tramadol tramadol gabapentin - tramadol to buy online

Anonymous said...

tramadol online can i buy tramadol in usa - tramadol used opiate withdrawal

Anonymous said...

buy tramadol tramadol 50 mg image - buy tramadol online no prescription usa

Anonymous said...

buy tramadol tramadol 50mg good - tramadol no prescription next day delivery

Anonymous said...

buy tramadol gabapentin and tramadol for dogs - tramadol 50 mg prospect

Anonymous said...

buy tramadol without prescriptions tramadol 319 dosage - dealing with tramadol addiction

Anonymous said...

buy tramadol no rx tramadol online usa - non generic tramadol

Anonymous said...

buy tramadol tablets buy tramadol usa next day delivery - legal buy tramadol online usa

Anonymous said...

buy tramadol with cod what is ultram tramadol used for - what do tramadol 100mg look like

Anonymous said...

buy ativan online ativan 1 mg half life - ativan 4mg a day

Anonymous said...

cheapest ativan ativan overdose treatment - 6 mg ativan overdose

Anonymous said...

http://ranchodelastortugas.com/#61301 xanax colors - xanax xr reviews

Anonymous said...

buy xanax online xanax withdrawal what to expect - xanax for generalized anxiety disorder

Anonymous said...

buy xanax online xanax overdose can kill you - klonopin xanax drug interactions

Anonymous said...

http://staam.org/#56821 tramadol hcl 50 mg tablet r&s - tramadol street price

Anonymous said...

http://ranchodelastortugas.com/#50238 xanax generic g3720 - xanax bars the effect

Anonymous said...

buy xanax online xanax side effects paranoia - pictures of generic xanax tablets

Anonymous said...

http://ranchodelastortugas.com/#61301 xanax effects birth control - blue round xanax pills

Anonymous said...

buy tramadol cheap tramadol 100mg bestellen - tramadol 50 mg wiki

Anonymous said...

buy tramadol online tramadol 50 mg compared to lortab - get through tramadol withdrawal

Anonymous said...

buy tramadol online tramadol 50 mg for headaches - long does 100mg tramadol last

Anonymous said...

http://ranchodelastortugas.com/#82165 xanax side effects blurred vision - long does generic xanax last

Anonymous said...

tramadol overnight shipping tramadol 200mg er - tramadol for dogs addictive

Anonymous said...

http://staam.org/#21236 online us pharmacy no prescription tramadol - can i buy tramadol online

Anonymous said...

buy xanax online xanax drug narcotic - upjohn generic xanax

Anonymous said...

buy xanax online pills resemble xanax - xanax drug category

Anonymous said...

cheap tramadol online tramadol dosage dogs pain - tramadol online no prescription fedex

Anonymous said...

buy xanax online cheap xanax online no prescription - enhance xanax high

Anonymous said...

buy xanax online xanax pill high - xanax vs lorazepam

Anonymous said...

http://bayshorechryslerjeep.com/#2902 buy xanax online usa - xanax withdrawal tight jaw