KEuro posts 2Q net profit of RM8.3m

by **Cals** Fri 28 Nov 2014, 01:56

KEuro posts 2Q net profit of RM8.3m

KUALA LUMPUR (Nov 27): Kumpulan Europlus Bhd posted a net profit of RM8.34 million in the second quarter ended Sept 30, 2014 (2QFY15) on the back of RM2.67 million revenue, mainly derived from its manufacturing and trading of industrial products division.
In its financial results announcement, KEuro said it recorded a pre-tax profit of RM8.47 million due mainly to the reversal of provision for impairment on the company's investment in an associate of RM5 million and a loss of RM2.52 million on the disposal of shares in an associate.
Due to a change in accounting year end (Feb 1, 2013 to March 31, 2014) covering a period of 14 months, there are no comparative numbers for the preceding year and quarter ended Sept 30, 2014.
Meanwhile, its net profit for the nine months ended Sept 30, 2014 (9MFY14) stood at RM47.68 million, while revenue was RM5.28 million.
According to the construction firm, its Bandar Rimbayu township has, at end-Sept, successfully launched three phases with the following take-up rates: 96% of Phase 1, 81% of Phase 2, and 100% of the first 40% of Phase 3 that were opened for sale.
KEuro added that it will be participating in the construction of the WCE as the government has approved the appointment of the consortium IJM Corp ([You must be registered and logged in to see this image.] Financial Dashboard)-KEuro as the Turnkey/Engineering and Procurement Contractor.
"Barring any unforeseen circumstances, the group expects the results for the current financial year ending March 31, 2015 to be satisfactory," it said.
As at 3pm, KEuro stood 3 sen or 2.52% lower at RM1.16, giving it a market capitalisation of RM1.17 billion.