Gabungan AQRS 3Q profit jumps 60% to RM6.3 million

by **Cals** Fri 29 Nov 2013, 18:38

Business & Markets 2013

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Friday, 29 November 2013 17:55

KUALA LUMPUR (Nov 29): Gabungan AQRS Bhd (AQRS) recorded a 60% year-on-year jump in net profit to RM6.3 million in its third quarter, from RM3.9 million in the previous year quarter.

Revenue for the quarter saw a fall to RM105.5 million from RM110.5 million in the previous year.

“During the current quarter under review, the property development division registered lower revenue and the previous quarter included a disposal of a piece of land in Juru, Seberang Prai.

“The said disposal contributed an exceptional profit of RM15.1 million (net of tax) to the group during the quarter,” said the group in its filing to the bourse.

Net profit for the nine months to Sept 2013 almost doubled to RM36.9 million from RM18.6 million in the previous year, while revenue increased to RM292.2 million from RM254.3 million in the previous corresponding quarter.

On its outlook, AQRS expects a softening demand in property due to the anti-speculative measures introduced by the government in the Budget 2014.

“Despite the challenging outlook posed to the property market, the group plans to steer forward with its mixed development projects that are currently being planned for launches into the year 2014 and the subsequent years,” the group said.

“Barring any unforeseen circumstances, the board expects performance from both divisions of the group for the rest of the current financial year 2013 to remain satisfactory,” added the group.