17 November 2014

Gabungan AQRS Q3 earnings jump to RM15m

  17 November 2014

KUALA LUMPUR: Gabungan AQRS Bhd’s earnings jumped 140% to RM15.14mil in the third quarter ended Sept 30, 2014 from RM6.29mil a year ago due to higher progress work done for on-going projects.

It said on Monday its revenue increased by 26.3% to RM133.27mil from RM105.45mil. Earnings per share were 4.12 sen compared with 1.77 sen.

GAQRS attributed the firmer financial performance due to the firmer construction and property development business.

“The contribution from property development division increased in the current quarter under review as compared to the previous year’s corresponding quarter due to higher sales and higher work progress contributed by the projects; The Avenue (shop offices located in Kinrara Uptown, Puchong), and Permas Centro (shop offices located in Permas Jaya, Johor Bahru Flagship D of Iskandar Malaysia),” it explained.

GAQRS said in Q3, 2014, it recorded revenue and profit after taxation and non-controlling interest of RM133.27mil and RM15.15mil as compared to RM131.16mil and RM14.06mil respectively in Q2, 2014.

“The group profit before tax (PBT) of RM26.37mil in Q3, 2014 is marginally lower as compared to the preceding quarter of RM26.61mil. During the current quarter under review, the slight increase in PBT for the construction division resulted from higher work progress for on-going projects,” it said.

For the nine months ended Sept 30, 2014, its earnings rose at a slower pace of 11.7% to RM41.24mil from RM36.91mil in the previous corresponding period. Revenue increased to RM412.09mil from RM292.18mil.

GAQRS said construction segment recorded revenue of RM314.74mil (before eliminating inter-segment sales) while the property development segment registered revenue of RM162.21mil.



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