Amcorp Properties up 5.13% on solid 2Q earnings

KUALA LUMPUR (Nov 16): Shares in Amcorp Properties Bhd rose 5.13% in thin trade this morning after its net profit jumped nearly 15 times to RM26.11 million in its second financial quarter ended Sept 30, 2017 (2QFY18) from RM1.83 million last year mainly from its share of joint ventures results.

At 9.06am, Amcorp rose 4 sen to 82 sen with 68,100 shares traded.

"This was higher than 2QFY17's profit before tax of RM10.7 million due to profit recognition from the progressive delivery of sold units of the Burlington Gate project in London," Amcorp said in a filing with Bursa Malaysia yesterday.

Earnings per share stood at 4.4 sen in the quarter compared with 0.31 sen a year ago.

Quarterly revenue fell 40.1% year-on-year to RM31.73 million from RM52.97 million because of a sale of a piece of land in Pajam, Negeri Sembilan, in 2QFY17, and also lower sales achieved for Malaysia property projects. — theedgemarkets.com

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