KUALA LUMPUR (Nov 17): Gabungan AQRS Bhd’s (GAQRS) net profit soared 141% to RM15.15 million in its third quarter ended September 30, 2014, from RM6.29 million a year ago.

Revenue rose 26% to RM133.27 million from RM105.46 million in the preceding year, while earnings per share (EPS) grew to 4.12 sen for the quarter versus 1.77 sen previously.

In a filing with Bursa Malaysia, GAQRS attributed the improved earnings to higher contributions from its construction and property development divisions.

“The strong earnings reported by both the construction and property divisions up to the third quarter are a good indication that the group has turned around, and is now on the right path,” said Datuk Azizan Jaafar, executive director of GAQRS.

For the nine-months ended Sept 30, GAQRS achieved net profit of RM42.25 million, up 12% from RM36.91 million, while cumulative revenue rose to RM412.10 million from RM292.19 million. EPS increased to 11.22 sen from 10.38 sen a year ago.

Going forward, the group expects both of its main segments to continue registering strong earnings.

“We will continue to focus on adding to our construction orderbook, on top of looking for good opportunities to add to our existing landbank. Against this backdrop, we expect our earnings and orderbook to improve further and sustain our future growth,” said Azizan.

Meanwhile, the group said its property development segment is progressing faster than scheduled, and is meeting its sales target.

GAQRS will launch three more property development projects in 2015 with total gross development value of RM1.05 billion, comprising LINQ Phase 2 in Kinrara Uptown; Westlake apartments in Cyberjaya; and The Altium in Damansara Perdana.