KUALA LUMPUR (Nov 8): Amcorp Properties Bhd’s net profit for the second quarter ended Sept 30, 2016 (2QFY17) plunged 88.9% to RM1.83 million, from RM16.48 million a year earlier. The group, in a filing with Bursa, said its Malaysian property projects contributed RM33.6 million in revenue, and the renewable energy & contracting division contributed RM19.4 million. Revenue from the Malaysia properties was mainly derived from sale of development properties (RM30.9 million) and rental income from investment properties (RM2.7 million), it added. Amcorp Properties said for the first half of financial year (1HFY17), the group recorded a net profit of RM6.30 million — a decline of 91.4% from RM73.4 million in 1HFY16. The board expects the overseas and Malaysia property projects to contribute positively to the group’s earnings in the current financial year.

Source: The Edge Markets November 08, 2016 11:31 UTC