KUALA LUMPUR (Oct 25): Ajiya Bhd’s net profit surged more than 14 times in its third quarter ended Aug 31, 2018 to RM16.82 million, from RM1.19 million in the same quarter last year, mainly due to a property disposal, as well as on forex gain.

This improved its earnings per share to 5.61 sen in 3QFY18, from 0.39 sen previously.

Revenue grew 4.4% to RM96.19 million, from RM92.18 million in the corresponding quarter last year, due to higher demand for the group’s metal products.

In an exchange filing today, Ajiya said it had recognised the gain on disposal of a property in Thailand of RM6.877 million in the quarter, as well as realization of foreign exchange gain from repayment of a loan of RM4.6 million from Thai Ajiya Safety Glass Co Ltd to Ajiya Bhd.

This helped boost the group’s cumulative net profit for the nine-month period (9MFY18) by 92.3% to RM22.79 million, from RM11.85 million in the previous correspnding period.

Revenue for the nine-month period rose 5.1% to RM290.66 million, from RM276.50 million previously (9MFY17).

In a separate statement, Ajiya’s managing director Datuk Chan Wah Kiang said: “The direction of Ajiya going forward will be to continue focusing on its fundamentals, as well as to roll out initiatives that strengthen and diversify the income stream of the company.”

The group is strongly poised to take advantage of its long-term strategy to be a total solutions provider, through its patented Green Integrated Building Solutions system, Chan said.

“Our traditional business of providing building materials such as our metal and glass products will put us in good stead as part of a total solutions provider. In the same vein, our traditional business will merge well with our current business venture,” he added.

Shares of Ajiya settled unchanged at 58 sen at today’s closing, valuing the group at RM173.85 million.