KUALA LUMPUR (May 23): JAKS Resources Bhd saw its net profit more than double to RM17.84 million in the first quarter ended March 31, 2018, from RM7.54 million a year earlier.

The group said the higher profit was mainly contributed by the group's RM1.89 billion engineering, procurement and construction (EPC) Contract 2 in Vietnam.

Earnings per share jumped to 3.61 sen from 1.72 sen, the group said in a filing to Bursa Malaysia.

Quarterly revenue rose 36% to RM210.2 million from RM154.79 million previously.

JAKS said it recognised a revenue of RM93 million from the Vietnam EPC Contract 2 during the quarter, resulting in a 53% year-on-year revenue increase for its key construction division at RM183.6 million.

Its property development and investment division contributed RM25.9 million but registered a loss before tax of RM14.8 million for the quarter. JAKS said this is due to the competitive pricing on properties sold and the slowdown in property market.

In a statement today, JAKS chief executive officer Andy Ang Lam Poah said the group will continue to witness the growing significance of the power construction operations as the Vietnam EPC Contract 2 delivers profit that will lead to better prospect for the group.

"Moving forward, we will focus our efforts on developing the core power and construction division, which is the most profitable part of our business portfolio. In tandem with our strategy, we will grow our power portfolio in Vietnam with a view that we can participate in the recent renewable energy drive in Vietnam," he said.

Shares of JAKS closed down 3 sen or 1.96% at RM1.50 for a market capitalisation of RM818.92 million.