Encorp ends financial year with net profit of RM7.94 million

KUALA LUMPUR: Encorp Bhd recorded revenue and net profit of RM271.96 million and RM7.94 million respectively for its financial year ended December 31, 2010 (FYE 2010).

Comparatively, it posted net profit of RM20.49 million on the back of revenue of RM234.90 million a year ago. For its fourth quarter (4Q 2010), it recorded revenue and net profit of 95.48 million and RM2.06 million respectively.

Its 4Q 2010 revenue was attributed to he sales from the property development, contract revenue and the annuity interest income arising from the completion and handover of the teachers' quarters, it said on Friday, Feb 25 in a Bursa announcement.

Meanwhile, its profit was mainly derived from the development projects in the subsidiaries and the concession income from the teachers' quarters.

Speaking on its prospect for the current financial year, it said that the completion of the teachers' quarters project has provided the company with a constant stream of income up to the year 2028.

Revenue will be further derived from the development and the sale of the properties and construction contracts in subsidiary companies.

Its up-coming launches of residential and commercial property development projects are expected to continue contributing positively to the company's earnings.

Improvement in performance can be expected for the current financial year, it said.

No dividend was declared for the financial period under review.

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