Catalyst-listed Aspen Q3 net profit surges to RM24.9mil

PETALING JAYA: Aspen (Group) Holdings Ltd, a Penang-based property developer listed on the Singapore Stock Exchange’s Catalyst posted a net profit that surged by 2,218% to RM24.9mil for the third quarter ended Sept 30 compared to the same quarter a year ago on contributions from ongoing projects.

The company said in a statement that revenue jumped by 504% to RM137.9mil. It added that net profit achieved exceeded the total net profit in the first half of this year.

It noted that revenue also rose because of the sale of a piece of land for the development of a private medical centre.

“Sales of ongoing projects have remained strong in the third quarter.

“With the right products at strategic locations, Vervéa, the commercial property project has achieved 88.51% of units sold, Vertu Resort, the five blocks of residential project in Batu Kawan recorded 64.61% of units sold and Tri-Pinnacle, the affordable housing development recorded 82.69% of units sold,” it said.

Aspen Group , property , Penang , SGX , Catalyst