Aspen records 246pc revenue growth in Q2

GEORGE TOWN: Property developer Aspen Group Holdings reported strong revenue growth of 246 per cent year-on-year to RM70 million in the second quarter.

Its president and group chief executive officer Datuk M. Murly said the gross profit for the quarter was higher at RM32.6 million, with an improved gross profit margin of 46.6 per cent from 35.4 per cent a year ago.

Aspen achieved net profit attributable to shareholders of RM13.4 million for the three months ending June 30, from a net loss of RM0.8 million previously.

“The group’s board of directors have approved a dividend policy of not less than 20 per cent of the group’s consolidated net profit and on-controlling interest, which is to commence in financial year 2018,” he said here yesterday.

Murly said revenue grew mainly due to the progress of its ongoing projects, Tri Pinnacle and Vervea.

“Tri Pinnacle, Aspen’s first affordable home development project, has received good response since its launch, with 82.3 per cent of units sold as of June 30. Vervea, the first phase of the group’s flagship development Aspen Vision City, had recorded 83.5 per cent of units sold as of June 30,” he said.

“The group will strive towards fulfilling our commitment to deliver quality residential and mixed development at affordable prices.”

Murly said its operating expenses for the quarter was RM11.1 million because of higher administrative expenses, but it was partially offset by lower selling and distribution expenses.

“Selling and distribution expenses were lower as the group had rolled out more sales and marketing initiatives in the same quarter last year relating to the launch of its Vertu Resort and Beacon Executive Suites project,” he said.