KUALA LUMPUR (Nov 12): Amcorp Properties Bhd’s net profit for the second financial quarter ended Sept 30 has surged 154% to RM7.03 million, from RM2.77 million, thanks to revenue from its local development project and disposal of associated company, Augustland Sdn Bhd.

Revenue surged almost 86% to RM44.4 million, from RM23.91 million in 2013. Earnings per share has improved to 1.2 sen, from 0.48 sen a year ago.

In an announcement with Bursa Malaysia today, Amcorp said the revenue of RM44.4 million was contributed by Malaysia and London projects (RM20.4 million), and the renewable energy and contracting division (RM24 million).

“Revenue from Malaysia properties was derived from Sibujaya township in East Malaysia and Kayangan Heights in Shah Alam, totalling RM15.3 million,” it explained.

Amcorp added that rental income from investment properties in both UK and Malaysia, contributed additional revenue of RM5.1 million.

The renewable energy and contracting division revenue was derived from transmission works and commissioning contracts worth RM20.5 million, coupled with power generation from both mini-hydro and solar projects worth RM3.5 million.

It noted that its profit during the quarter was mainly contributed by Malaysia properties of RM5 million, and gain on disposal of associated company Augustland Sdn Bhd of RM5.3 million.

For its six months ended Sept 30 this year, the group has registered a net profit of RM24.7 million — an increase of 76.4% from RM14 million in 2013. Revenue has climbed 50.8% year-on-year to RM85.11 million, from RM56.44 million.

Similarly, Amcorp noted that the profit during the cumulative period was due to the gain on disposal of Augustland, and its property projects both in Malaysia and London.

Amcorp Properties share price dropped 1.12% to 88 sen today, which translates to a market capitalization of RM521.05 million.