Equine Capital net profit at RM6.27m for 2Q

KUALA LUMPUR: Equine Capital Bhd has posted a net profit of RM6.27 million for its second quarter (2Q) ended Sept 30, 2010, from a loss of RM2.08 million a year ago on higher revenue, it announced to Bursa Malaysia on Wednesday, Nov 24.

Its revenue jumped 69.6% to RM46.08 million from RM27.16 million on revenue recognition from the disposal of a land parcel in Seri Kembangan, as well as recognition of construction progress from its current projects in Seri Kembangan and Cheras.

Basic earnings per share rose to 2.76 sen from a net loss of 0.91 sen a year ago.

Year-to-date, its net profit stood at RM6.67 million from a net loss of RM2.65 million a year ago against a 51% increase in revenue to RM76.6 million from RM50.4 million.

On its prospects, the group said it expected to seize business opportunities to re-establish itself as an active player in the market via new launches in the pipeline, namely 168 shop offices in Seri Kembangan with an estimated gross development value (GDV) of RM168 million, 128 semi-detached homes and 54 bungalows in Seri Kembangan with an estimated GDV of RM186 million and 22 shop offices in Cheras with GDV of RM9 million.