KUALA LUMPUR (Oct 8): Main Market-bound AME Elite Consortium Bhd's net profit for the first quarter ended June 30, 2019 surged 95.8% to RM13.14 million from RM7.61 million a year earlier, on the back of a jump in revenue to RM94.37 million versus RM58.68 million.

In a filing to the stock exchange today, the integrated industrial property solutions provider said the increase was mainly due to higher revenue from property development of RM33.75 million, engineering services of RM7.52 million and rental income of RM1.02 million whilst there was a decrease in construction services revenue of RM6.61 million.

Earnings per share was 3.85 sen against 1.96 sen previously.

On its prospects going forward, AME Elite said it will remain focused on developing its i-Park @ SAC (Phase 1 and Phase 2) and expanding its construction, engineering services and property investment and management services segment for improving the overall profitability.

"The acquisition of a parcel of land for Phase 3 development of i-Park @ SAC has been completed on Aug 17, 2019.

"We expect to commence the Phase 3 development of i-Park @ SAC by quarter 4 of this financial year after obtaining all relevant approvals for the construction," it said.

Last week, AME Elite, which is en route to list on the Main Market of Bursa Malaysia on Oct 14, saw the public tranche of its initial public offering (IPO) oversubscribed by 4.39 times.

AME Elite's IPO entails a public issue of 85.4 million new shares with an offer-for-sale of 42.7 million existing shares, at an issue price of RM1.30 per share.

Under the listing exercise, AME Elite will raise RM166.6 million, of which RM111.1 million will be used for business expansion and the remaining RM55.5 million will go to the selling shareholders via an offer-for-sale.