Encorp posts RM4.65m for 3Q

KUALA LUMPUR: Encorp Bhd registered a 13.5% growth in net profit to RM4.65 million for its third quarter (3Q) ended Sept 30, 2010 from RM4.1 million a year ago, the group announced to Bursa Malaysia on Friday, Nov 19.

The higher profits were due to recognition of revenue from work-progress of ongoing construction contracts and sales from new launches during the quarter. The group's turnover rose 28% to RM64.7 million from RM50.46 million a year ago.

On its prospects, Encorp said the completion of its teachers' quarters development across the country has ensured the group a continuous income stream up to 2028.

Its revenue will be supplemented by upcoming launches and sale of properties as well as construction contracts from its subsidiaries, it added.

The group's upcoming launches of residential and commercial properties are expected to contribute positively to Encorp's performance, which it anticipates to be satisfactory for this current financial year.