Friday 29 Mar 2024
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KUALA LUMPUR (Feb 8): Gabungan AQRS’ net profit doubled to RM15.23 million for its fourth financial quarter ended Dec 31, 2017 (4QFY17) from RM7.45 million a year ago on higher revenue and more progressive construction stages.

Quarterly revenue climbed 74.53% as the group saw improved contribution from more progress in the projects of its construction division, the group said in a filing with Bursa Malaysia today.

The construction division had reported higher revenue of RM154.12 million in the quarter versus RM73.99 million a year ago on work progress for the Sungai Besi–Ulu Kelang (SUKE) Highway, Pusat Pentadbiran Sultan Ahmad Shah (PPSAS) and Light Rail Transit 3 (LRT3) projects.

It had also recognised a RM47.08 million variation order for the completed Klang Valley Mass Rapid Transit 1 (MRT1) project, Gabungan AQRS said.

However, the property development segment had seen a decline in revenue due to the lower number of projects the group had undertaken in 2017. It therefore contributed a loss before tax of RM31.2 million in the quarter compared to RM5.7 million a year ago.

For the full year, the group’s net profit surged 112% to RM48.04 million on the back of a 42.23% climb on revenue to RM469.44 million.

Going forward, Gabungan AQRS said that it is planning to restart marketing efforts for its ongoing development in Johor Bahru, which has achieved a take-up rate of about 30% so far.

“We believe demand for properties in Johor Bahru will start to pick up following the recently signed bilateral agreement for the Johor Bahru – Singapore Rapid Transit System,” the group said.

It is also targeting to finalise the special purpose vehicles for its mall and serviced suites in Kota Kinabalu by June 2018, with physical construction works targeted to commence in the fourth quarter of this year.

Shares in Gabungan AQRS closed up 11 sen or 6.25% at RM1.87, giving the group a market capitalisation of RM862.17 million.

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