KUALA LUMPUR: Kumpulan Europlus Bhd (KEuro) posted a net profit of RM8.34 million in the second quarter ended September of financial year 2015 (2QFY15) on revenue of RM2.67 million, mainly derived from its manufacturing and trading of industrial products.

In a filing with Bursa Malaysia yesterday, KEuro said it recorded a pre-tax profit of RM8.47 million mainly due to the reversal of provision for impairment on the company’s investment in an associate of RM5 million and a loss of RM2.52 million on the disposal of shares in an associate.

Due to a change in its accounting year-end from Feb 1 to March 31 covering a period of 14 months, there were no comparative numbers for the preceding year and quarter ended September 2013.

Meanwhile, its net profit for the nine months ended September 2014 (9MFY14) stood at RM47.68 million on revenue of RM5.28 million.

According to the construction firm, its Bandar Rimbayu township as at end-September successfully launched three phases with the following take-up rates: 96% of phase 1, 81% of phase 2, and 100% of the first 40% of phase 3 that were opened for sale.

KEuro added that it will be involved in the construction of the West Coast Expressway as the government has approved the appointment of the consortium IJM Corp-KEuro as the turnkey/engineering and procurement contractor. “Barring any unforeseen circumstances, the group expects the results for the current financial year ending March 31, 2015 to be satisfactory,” it said.

This article first appeared in The Edge Financial Daily, on November 28, 2014.