Equine Capital Q4 earnings up 227% to RM7.37m on-year

by **hlk** Thu 24 May 2012, 20:51

KUALA LUMPUR: Equine Capital Bhd's earnings surged 227% to RM7.37mil in the fourth quarter ended March 31 from RM2.25mil a year ago.

It said on Thursday its revenue increased by 15.9% to RM47.06mil from RM40.59mil. Earnings per share were 3.24 sen compared with 0.99 sen.

"Revenue for the current quarter was derived mainly from the property development segment," the company said.

Ongoing projects that contributed revenue to the group in the current quarter were Villa Avenue, Equine Boulevard and EQuator in Seri Kembangan, and Callisia in Batu Kawan, it said.

For FY ended March 31, 2012, its net profit jumped 403% in FY ended March 31, 2012 from RM6.37mil in the previous financial year. Revenue increased by 85.9% to RM277.15mil from RM149.05mil. Equine Capital said the group had planned several launches in Seri Kembangan and Batu Kawan in the new financial year, FY2013.

It said the projects that have been launched since the start of FY2012 or to be launched soon are:

* Project da:men in USJ, Subang, Selangor, a mixed commercial and residential development involving 480 units service apartments in two 16-storey blocks, 385 units of five to six storey commercial shop offices, a six-storey retail mall and two basement car parks with an estimated total GDV of RM1.0bil - launched in June 2011;

* Project EQuator in Seri Kembangan consisting of 138 units of shop offices with a multi-storey carpark housing several small shops with an estimated GDV of RM213mil - launched in April 2011;

* Project Villa Heights consisting of 182 units of semi-detached and bungalow houses in Seri Kembangan with estimated GDV of RM341mil - launched in March 2012;

* 277 condominium units in Seri Kembangan with estimated GDV of RM119mil;

* 590 units of service apartments/retail shops in Seri Kembangan with estimated GDV of RM130mil;

* 269 units of 2 1/2 storey terrace houses in Batu Kawan with estimated GDV of RM113mil; and

*66 double-storey double frontage in Batu Kawan with estimated GDV of RM55mil.