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NewsUpdate Amcorp Properties 1Q profit jumps 57%
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Update Amcorp Properties 1Q profit jumps 57%
by Cals Mon 04 Aug 2014, 23:06
| Update Amcorp Properties 1Q profit jumps 57% |
| Business & Markets 2014 |
| Written by Shalini Kumar of theedgemalaysia.com |
| Monday, 04 August 2014 19:40 KUALA LUMPUR (Aug 04): Amcorp Properties Bhd posted a net profit of RM117.7 million for the first quarter ended June 30, a 57% jump from RM11.2 million registered in the previous corresponding quarter. Revenue rose to RM40.7 million, from RM32.5 million previously. The increase in net profit was contributed from the group's Malaysia and London properties. "The results of the properties division was contributed by Sibujaya township in East Malaysia, the sale of retail units at Baker Street and residential units at NeoBank in London," it said. "Despite the less-than-favourable weather condition, the renewable energy & contracting division generated an operating profit of RM0.8 million," it added. The group operates a 10.25 MW solar plant in Gemas, Negeri Sembilan. In the result announcement, Amcorp Properties said it expected the company to be profitable for the financial year ending March 31, 2015. "The board expects sales from its London and Malaysia property projects to contribute positively to the group's earnings," said the group in its filing. The stock ended one sen higher at RM1.23 yesterday, bringing its market capitalization to RM715.8 million. |
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