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KUALA LUMPUR: Encorp Bhd recorded a profit before tax (PBT) of RM1.28 million for its second quarter (2Q) this year, compared to RM770,000 in the previous quarter.
According to its filing to Bursa Malaysia on Wednesday, Aug 18, the increase in the PBT is due to the recognition of revenue from work progress of on-going construction contracts and sales from newly launched development during its 2Q.
“The completion of the teachers' quarters project has resulted in a constant stream of income to the group which will expire in year 2028. Revenue will be further derived from the development and the sale of the properties and construction contracts in subsidiary companies,” the statement said.
It also expects its upcoming launches of residential and commercial property projects to continue contributing positively to the group’s earnings. During its 2Q, the group recorded cumulative sales of more than 60% for its Garden Office and 98% for its Camellia, Cahaya Alam projects.
“The estimated gross development value for both projects are RM370 million and RM65 million respectively and the recognition of profit from the projects are expected to commence from 3Q onwards,” it said.
According to its filing to Bursa Malaysia on Wednesday, Aug 18, the increase in the PBT is due to the recognition of revenue from work progress of on-going construction contracts and sales from newly launched development during its 2Q.
“The completion of the teachers' quarters project has resulted in a constant stream of income to the group which will expire in year 2028. Revenue will be further derived from the development and the sale of the properties and construction contracts in subsidiary companies,” the statement said.
It also expects its upcoming launches of residential and commercial property projects to continue contributing positively to the group’s earnings. During its 2Q, the group recorded cumulative sales of more than 60% for its Garden Office and 98% for its Camellia, Cahaya Alam projects.
“The estimated gross development value for both projects are RM370 million and RM65 million respectively and the recognition of profit from the projects are expected to commence from 3Q onwards,” it said.
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