Amcorp Properties Q2 earnings boosted by London project

PETALING JAYA: Amcorp Properties Bhd’s net profit for the second quarter ended Sept 30, 2017 jumped more than 14-fold to RM26.11 million from RM1.83 million a year ago due to higher share of joint ventures’ results.
In a filing with Bursa Malaysia today, it said the higher share of joint ventures’ results was due to profit recognition from the progressive delivery of sold units of the Burlington Gate project in London.
During the quarter, the company’s share of joint ventures’ results net of tax stood at RM42.24 million compared with RM9.91 million a year ago.
Revenue for the quarter fell 40.10% to RM31.73 million from RM52.97 million a year ago due to the sale of a piece of land in Pajam, Negri Sembilan, as well as lower sales achieved for Malaysian property projects.
For the six months ended Sept 30, 2017, net profit grew more than four-fold to RM27.44 million from RM6.30 million a year ago while revenue fell 27.54% to RM70.14 million from RM96.80 million a year ago.
The company expects its two joint venture projects in London, which will be completed in the current financial year, to contribute positively to its earnings, resulting in a higher profit for the financial year ending March 31, 2018.