Amcorp Properties records net loss of RM2.17m

KUALA LUMPUR: Amcorp Properties Bhd recorded a net loss of RM2.17 million for its third quarter ended Dec 31, 2010 (3Q 2010) on the back of revenue of RM24.34 million.

Its results represented a substantial change from a year ago where net profit and revenue of RM12.29 million and RM44.14 million were recorded, it said on Tuesday, Feb 22.

The drop in revenue was due to the completion of an engineering contract and contribution from mixed development projects from property development in the previous financial year. Meanwhile, the net loss was mainly due to impairment loss of RM10.32 million arising from carrying amount of an associate being higher than its disposal value in the current quarter.

The property investment and development division contributed RM15.41 million to its 3Q 2010 revenue while the engineering and infrastructure division contributed RM8.93 million.

The company said it will continue to focus on its core business of property and engineering, and expects a profitable end to its financial year.