Amcorp Properties jumps 10.87% on solid 3Q earnings

KUALA LUMPUR (Feb 12): Amcorp Properties Bhd (AmProp) jumped 10.87% this morning after the company saw a near 19 times rise in net profit for its third quarter ended Dec 31, 2017 (3QFY18) to RM75.21 million from RM4.01 million in the corresponding quarter last year, driven by stronger contribution from its joint ventures.

At 9.07am, AmProp rose 7.5 sen with 181,600 shares done.

Revenue for the quarter under review, however, is 19% lower at RM36.11 million compared with RM44.52 million a year ago, as it saw lower sales achieved by Kayangan Heights in the quarter.

Its share of results from joint ventures, however, jumped to RM87.62 million from RM3.84 million, which the group attributed to profit recognition from progressive delivery of sold units in overseas projects.

In the first nine months of FY18, AmProp’s net profit stood at RM102.65 million, about 10 times higher than the RM10.32 million it registered in the same period last year, despite revenue falling 25% to RM106.25 million from RM141.33 million. — theedgemarkets.com

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