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Ho Hup's 1Q net profit falls 5% on additional financing cost
by Cals Tue 24 May 2016, 01:59
Ho Hup's 1Q net profit falls 5% on additional financing cost
By Billy Toh / theedgemarkets.com | May 23, 2016 : 8:00 PM MYTKUALA LUMPUR (May 23): Ho Hup Construction Company Bhd saw its net profit for first quarter ended March (1QFY16) drop 5.04% to RM19.08 million or 5.5 sen per share, from RM20.09 million or 5.98 sen per share a year ago, due to additional financing cost incurred for corporate acquisitions as well as cost for funding new project developments.
Revenue dropped 7.83% to RM81.08 million, from RM87.96, due to no progress billings for the quarter pertaining to the joint development agreement with Pioneer Haven Sdn Bhd, in relation to the joint venture in Bukit Jalil City and Tower C joint venture with Gemilang Eramaju Sdn Bhd.
The revenue came mainly from ongoing progress billings from existing projects such as Aurora Place, Polytechnic Kuala Terengganu and Rapid Project Refinery Package (RAPID), Ho Hup said in a filing with Bursa Malaysia.
The group said its construction division had secured two new projects in Johor and Perak, contributing to an outstanding order book of some RM384 million.
The property development division meanwhile, is expected to remain resilient with the on-going Aurora Place development and contributions from its 18% entitlement under the joint development of the Bukit Jalil City Project.
“In addition, the group has also initiated its development planning for service apartments and hotel in Kota Kinabalu, together with the proposed township project in Kulai, Johor,” it added.
The building material division had commenced initial marketing activities for quarry operations in Malacca.
“The board expects financial year 2016 to be another sustainable growth year, after various consolidation efforts and corporate acquisitions [that were] initiated in the previous financial year,” said Ho Hup.
Ho Hup’s share price was unchanged at 84 sen today, with 131,900 shares traded for a market capitalization of RM290.96 million.
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