AmProp’s 3Q net profit falls 9.4% to RM5.33 mil

KUALA LUMPUR (Feb 5): Amcorp Properties Bhd’s (AmProp) net profit for the third quarter ended Dec 31, 2015 (3QFY16) fell 9.4% to RM5.33 million or 0.9 sen per share from RM5.88 million or 0.99 sen a year earlier.

The lower profit could be due to higher cost of sales, which increased to RM32.25 million in 3QFY16 versus RM24.97 million a year ago, according to its filing with Bursa Malaysia yesterday.

Revenue for 3QFY16, however, surged 17.7% to RM46.64 million from RM39.64 million, of which Malaysian property projects contributed RM21.8 million, while the renewable energy and contracting division contributed RM24.8 million.

No dividend was declared for the quarter.

“Revenue from Malaysian properties was derived from Sibujaya township in East Malaysia of RM19.2 million and rental income from investment properties of RM2.6 million,” said AmProp.

“The renewable energy and contracting division revenue was derived from transmission works and commissioning contracts of RM20.2 million, coupled with power generation from both mini-hydro and solar projects of RM4.6 million,” it added.

Moving forward, the group expects an improved performance in the current FY16 ending March 31, compared with FY15.

AmProp shares closed one sen or 1.2% higher at 85 sen, with a market capitalisation of RM490.48 million.

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This article first appeared in The Edge Financial Daily, on Feb 5, 2016. Subscribe to The Edge Financial Daily here.