Eupe Corp’s 3Q net profit surges to RM1.04 million

KUALA LUMPUR: Eupe Corp Bhd, a company listed on the Bursa Malaysia property counter, saw its net profit for the third quarter ended Nov 30, 2009 (3QFY10) surge almost sevenfold (779.66%) to RM1.04 million from RM118,000 a year earlier, on higher profit margin from the Cinta Sayang Resort Homes as well as the disposal of housing stock.

Its revenue for the quarter, meanwhile, dipped 8.34% to RM24.12 million, from RM26.31 million the previous year due to the general drop in the hotel and golf division’s business, it said in a filing to Bursa Malaysia on Jan 20.

Going forward, the group plans to launch mass housing projects as well as select luxury developments on increased demand and confidence levels, indicated by the strong take up rates of properties, especially at the higher end units, it added.

“This diversity positions the group well to have a comprehensive smorgasbord of properties targeting different segments. The group is thus well poised to further take advantage of its synergies as well as market opportunities and is flexible enough to weather changes due to its comprehensive product portfolio,” it said.

Its earnings per share for 3QFY2010 jumped to 0.81 sen, from 0.09 sen the previous year. No dividend was declared.