Gabungan AQRS net profit improves to RM16.47 mln in 1Q

KUALA LUMPUR: Gabungan AQRS Bhd’s (GBGAQRS) net profit improved to RM16.47 million in the first quarter ended Mar 31, 2018 (1Q) from the RM16.14 million in the same quarter last year.

However, revenue was 19.8 per cent lower at RM127.49 million compared with RM158.9 million in the previous corresponding quarter.

In a filing to Bursa Malaysia yesterday, the company said the decrease in revenue was due to the absence of land sale revenue of RM90.4 million that was recorded in the previous corresponding quarter.

“Our net profit improved in spite of the absence of land sale gain as was reported in Q1 2017 amounting to RM16.1 million.

“The group remains efficient in a cost structure basis. Our operating expenses to revenue, a measure of group efficiency, stood at 9.4 per cent in Q1 2018,” the group said.

Moving forward, GBGAQRS anticipated a better financial performance in the current fiscal year as the construction progress for its ongoing construction jobs pick up the pace.

The group expects further improvements in its property development division, led by the ongoing progress of The Peak residential project in Iskandar Malaysia in Johor, the inaugural launch of its latest property development, E’Island Residence in Puchong, Selangor, and anticipated partial monetisation of the One Jesselton Waterfront development in Kota Kinabalu in Sabah.