Gabungan AQRS earnings more than double in Q2

PETALING JAYA: Gabungan AQRS Bhd’s net profit for the second quarter ended June 30, 2018 more than doubled to RM19.1 million from RM7.23 million a year ago, mainly thanks to its property development segment.

Revenue also jumped to RM187.19 million compared with RM79.83 million in the previous year’s corresponding quarter.

For the six-month period, the group’s net profit went up 52% to RM35.57 million from RM23.37 million a year ago, while revenue soared 32% to RM314.69 million from RM238.77 million.

Gabungan AQRS anticipates a better financial performance in FY18 compared with FY17 as the construction progress for its ongoing construction jobs picks up pace.

“We also expect further improvements to our property development division, led by the ongoing progress of The Peak, anticipated partial monetisation of the One Jesselton Waterfront development in Kota Kinabalu, Sabah and the inaugural launch of its latest property development, E’Island Residences.”

The group envisions a RM1.5 billion rise in new construction order book by FY18, which will continue to positively contribute to the group’s revenue and profit sustainability.