AMDB 1Q profit down 23%

KUALA LUMPUR: AMDB Bhd’s first quarter result for financial year ending March 31, 2011 (1QFYE11) saw a decline in net profit by 23% to RM3.09 million from RM4.02 million in the corresponding quarter last year due higher finance costs and taxation from the property division.

The company said on Monday, Aug 9 that its 1Q revenue slid to RM29.8 million, compared to RM91.6 million in the same period last year, while earnings per share stood at 0.54 sen compared to 1.27 sen a year ago.

“For the quarter, the Group registered revenue of RM18.34 million from property investment and development division and RM11.43 million from engineering and infrastructure division,” it said.

On future prospects, the company believes that its operation ending March 31, 2011 would be profitable and said that it would continue to focus in its core business of property and engineering as well as to secure further projects to improve its financial position.