Amcorp Properties' shares up 1.92% on surge in Q2 earnings

PETALING JAYA: Amcorp Properties Bhd, which reported a 14-fold jump in its second quarter earnings, saw its share price rise 1.92% this morning.
At 11.12am, its share price rose 1.92% or 1.5 sen to 79.5 sen with a total of 179,000 shares traded, after falling 0.64% to close at 78 sen yesterday with a total of 63,800 shares traded.
Yesterday, the group said its 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.
It attributed the higher share of joint ventures’ results 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.