UBG net profit of RM13.8m a hike of 88.7% for 3Q

KUALA LUMPUR: UBG Bhd achieved a net profit hike of 88.7% to RM13.831 million from RM7.329 million a year ago for its third quarter (3Q) results ended Sept 30, 2010, the group announced on Monday Nov 29. Revenue earned during the same period increased by 1.92% to RM257.657 million from RM252.794 million a year ago.

The group attributed the increase in net profit to the higher profit margins derived from its construction and road maintenance segments as well as lower amortisation of the adjusted fair values in the construction and property development costs, despite the lower revenue earnings.

The basic earning per share, increased for the quarter to 2.76 sen from 1.46 sen a year ago. Net assets per share also increased for the quarter to RM2.76 from RM2.69 of the previous year.

UBG, through its subsidiaries, engages in building and civil construction, and mechanical and electrical engineering related activities in Malaysia.