Encorp Bhd records revenue of RM47.63 million for 1Q2010

KUALA LUMPUR: Encorp Bhd recorded revenue of RM47.63 million for 1Q2010, as announced on Bursa Malaysia on May 19.

This is attributed mainly to the sale of property, contract revenue and the annuity interest income arising from the completion and handover of a teachers’ quarters.

The group also recorded a profit before tax of about RM768,000 for 1Q2010. The announcement stated that profit before tax in the immediate preceding quarter was RM3.89 million.

The decrease was due to the exclusion of revenue from new property projects that were completed and handed over that was not recognised during the quarter.

The announcement stated that the completion of the teachers’ quarters project will result in a constant stream of income to the group that will expire in 2028.

During the year, Encorp Bhd has sold more than 60% of the Garden Office project and more than 76% of Camellia in Cahaya Alam.

The estimated GDV for each project is RM370 million and RM65 million respectively. The recognition of profits from these projects will only commence in 3Q2010 onwards.