KUALA LUMPUR: Ho Hup Construction Company Bhd posted a net profit of RM261,000 in its third quarter (3Q) ended Sept 30, 2010, from a loss of RM14.68 million a year ago, returning to the black.
Turnover rose 64.1% to RM46.82 million from RM28.53 million, it said in a filing to Bursa Malaysia on Thursday, Nov 25.
It had posted a net loss of RM4.05 million on RM3.06 million in turnover in 2Q.
Year-to-date, the group's net loss stood at RM8.05 million on revenue of RM55.66 million, narrowed from a net loss of RM23.78 million against RM59.04 million in turnover.
Its construction division posted losses after tax of RM6.3 million on RM20.2 million in revenue for the nine months ended Sept 30, 2010, compared with a net loss of RM23.6 million on the back of RM26.9 million in revenue.
Meanwhile, its property division more than doubled its pre-tax profit to RM3.9 million on the back of RM28.3 million in revenue, from a pre-tax profit of RM1.2 million on revenue of RM20 million.
Its ready-mix concrete division narrowed its pre-tax loss to RM100,000 on revenue of RM10.9 million from a pre-tax loss of RM1.5 million on RM16.2 million in turnover.
Profits recognised from its phase 7B project as well as gains from the group's disposal of land for RM7.4 million contributed to its improved performance.
Basic earnings per share stood at 0.65 sen, from losses per share of 14.42 sen a year ago. It posted negative net assets per share of 23 sen, from negative net assets per share of 15 sen.