Ho Hup 3Q net profit rises 566% to RM18.5m, driven by Bukit Jalil project

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KUALA LUMPUR (Nov 27): Ho Hup Construction Co Bhd saw its net profit increase 566% in the third quarter ended Sept 30, 2014 (3QFY14) to RM18.48 million or 6 sen a share, while nine months cumulative earnings gained 388% to RM46.84 million.

Meanwhile, revenue for 3QFY14 came in at RM95.05 million, compared to RM61.59 million previously; while the nine-month figure rose to RM265.99 million, from RM101.52 million.

The company attributed its stellar earnings to the development progress of Parcel A Aurora Place project in Bukit Jalil, Kuala Lumpur.

There has yet to be profit recognised from the joint venture development in Bukit Jalil with Malton Bhd’s unit Pioneer Heaven Sdn Bhd, as work in progress has not reached the second stage of progress billing.

The joint development of the 60 acres land is slated to drive Ho Hup’s earnings forward, although not much details have been unveiled on the multi-billion ringgit mixed development.

Ho Hup closed 2 sen lower at RM1.38 today, with a market capitalisation of RM429 million.