Gabungan AQRS net earnings more than double

PETALING JAYA: Gabungan AQRS Bhd’s net profit more than doubled to RM15.23 million for the fourth quarter ended Dec 31, 2017 from RM7.45 million in the same quarter a year ago, driven by higher work progress from its various construction projects.
Revenue jumped 74.5% from RM86.07 million to RM150.21 million.
The construction and property firm said in a filing with the stock exchange that it anticipates a better performance this year as the construction progress for its ongoing construction jobs picks up pace.
“We also expect a turnaround in the property development division as we plan to increase our marketing efforts for ‘The Peak’ and also begin launching our ‘One Jesselton Waterfront’ development in Kota Kinabalu.”
Looking ahead, Gabungan AQRS is looking to increase its construction order book by additional RM1.5 billion by the first half of FY18, which will continue to contribute positively to the group’s revenue and profit up to 2021.
Its full-year net profit also doubled from RM22.63 million to RM48.04 million. Revenue came in at RM469.44 million, 42.2% higher than the RM330.06 million made a year ago.
The counter gained 11 sen or 6.3% to close at RM1.87 on some 3.24 million shares done.