Majuperak returns to black in Q3, revenue doubles to RM12mil.
Long-term prospects will see improvements in its property development business and it will continue to leverage on growing demand for affordable properties.
KUALA LUMPUR: Majuperak Holdings Bhd has returned to the black in the third quarter (Q3) ended September 30, 2020 posting a profit after tax of RM2.49 million, marking a turnaround following three consecutive quarterly losses.
Year-on-year net profit was 13 per cent lower at RM2.24 million from RM2.57 million.
The group has not disclosed on the reason for the lower net profit recorded in the Q3 2020 as compared to Q3 2019.
Its revenue in the same quarter more than doubled to RM11.97 million from RM5.43 million, mainly derived from partly recognising 130.16 acres land sales to Keris Properties Holdings Sdn Bhd in Mukim Sg Terap amounting to RM9.55 million based on completing 207 titles from a total of 622 titles.
It said the second largest revenue was from facility management proceeds amounting to RM1.15 million and the remaining are from property and land rental and solar activities amounting to RM0.62 million and RM0.52 million respectively.
Majuperak group chief executive officer Nizran Noordin said moving forward, the group is confident that long-term prospects will see improvements in its property development business and it will continue to leverage on growing demand for affordable properties.
"At the same time, we are focused on actively pursuing viable opportunities in the renewable energy sector, and we have in fact already seen good progress on this front, securing partnership agreements with several companies.
"This strategy will allow us to grow our existing business, while capturing future prospects in other budding sectors to strengthen our earnings potential over the long-run," he said.
For the nine-month period, Majuperak's net loss widened to RM3.12 million from a net loss of RM551,000 recorded in the same period a year ago.
Its revenue during the same period doubled to RM16.81 million from RM8.49 million.