Kerjaya's construction unit improved significantly.
KUALA LUMPUR: Kerjaya Prospek Group Bhd, formerly Fututech, saw its earnings surge 540% to nearly RM24mil in the first quarter ended March 31, 2016, boosted by the includion of two construction subsidiaries.
It said on Friday its earnings rose to RM23.67mil from RM3.67mil a year ago as its revenue jumoed 1,100% or 100 fold to RM 185.93mil from RM15.45mil. Earnings per share were 19.48 sen compared with 4.05 sen.
Kerjaya Prospek said the construction segment had improved significantly following the completion of the acquisition of two subsidiaries that specialises in construction activities in January 2016.
“The newly acquired subsidiary, KPSB, has contributed approximately RM165mil in revenue from its on-going projects, after eliminating the inter-company projects revenue,” it said.
It added segmental profit was boosted from RM2.94mil a year ago to RM24.6mil. With the enlarged orderbook, the construction segment is expected to continue to deliver positive results and improve the group's overall turnover and profitability.
The manufacturing segment recorded RM4.15mil in revenue, up 44.7% from the preceding financial quarter of RM2.86mil.
As for the property development division, it recognised revenues of RM3.02mil and a profit of RM1.13mil for Q1, 2016 due to more sale and purchase agreements were being executed as its project Vista Residences @ Genting Highlands progresses.
