Gabungan AQRS to get 40% revenue contribution from property div in 2013

by **Cals** Sun 30 Jun 2013, 02:07

Gabungan AQRS to get 40% revenue contribution from property div in 2013
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Friday, 28 June 2013 22:18

KUALA LUMPUR (June 28): Gabungan AQRS Bhd said it is confident of getting a 40% revenue contribution from its property development division for its financial year ending Dec 31, 2013.

For its financial year ended 31 December 2012 (FY2012), the group’s property development division contributed RM49.7 million or 16% of the total group revenue of RM319.5 million. The remaining RM269.8 million was contributed by the CONSTRUCTION [] division.

"With the property investors’ appetite for higher value projects, we are slated to launch nearly RM1 billion worth of property projects in 2013 located within the high-growth areas of the Klang Valley and Iskandar Malaysia," said group CEO Alvin Ng in a statement today.

"Together with our ongoing billings from existing projects, we are confident that our property development division will be able to reach the 40% mark by the end of this year," he added.

Out of the RM1 billion gross development value (GDV) projects planned for launch in 2013, the group launched its RM526.7 million GDV residential project ‘The Peak’ in Iskandar Malaysia in April 2013.

"The group expects the remaining GDV worth of projects to be launched in the second half of 2013 which will comprise commercial projects in Iskandar Malaysia and the Klang Valley," said the group in its statement.

Speaking at the group's AGM, Ng added that the group is confident that the remaining projects yet to be launched will continue to aid its plans of growing its property development division.

“Our property projects have been generating positive responses so far, and we are positive that this sentiment will continue with our new launches,” he said.

“Buoyed by this, we are excited of our prospects going forward which is set to the mark the next chapter of our growth story,” he added.

Gabungan AQRS will be paying out a final single-tier dividend of 1.56 sen per share. The dividend entitlement and payment date will be announced at a later date.