KUALA LUMPUR (Nov 24): Property developer Brem Holding Bhd (Brem) saw its second quarter financial result ended Sept 30, 2014 (2QFY15) net profit double to RM22.4 million from 2QFY14's RM11.2 million after disposing its 32.89% stake in Bertam Alliance Bhd.

Earnings per share (EPS) for 2QFY15 also increased in tandem to 13.3 sen, almost double that of 6.7 sen recorded in 2QFY14.

The improved result was mainly due to the gain of RM17.2 million from the disposal of its Bertam Alliance stake.

Brem had on July 25 entered into a share sale agreement with Wisma Jutamas Sdn Bhd to dispose of the aforementioned stake for RM80.24 million, cash.

Meanwhile, Brem registered a revenue of RM32.83 million for 2QFY15, down 41.95% on-year from RM56.56 million, which the group said is due to the completion of the Villa Orkid project in the last financial year.

On a semi-annual basis (1HFY15), Brem's net profit jumped 75.6% to RM29.77 million, from RM16.95 million last year, even while revenue fell 32.87% to RM61.91 million from RM92.23 million.

EPS also went up by 75.25% to 17.7 sen, from 10.1 sen in 1HFY14.

Moving forward, Brem foresees that on-going and new launching of property development projects will contribute positively to its performance.

On top of that, it expects that there will be stable income from its water supply and services sector, while rental receivables from Kepong Brem Mall is expected to continue contributing to the group's earnings.

Brem's share closed seven sen or 2.98% higher at RM2.42 today, giving it a market capitalisation of RM403.91 million.