Encorp posts Q4 net profit of RM56mil

Encorp said the revenue recorded for its property development segment during the fourth quarter was generated from the launch of landed developments Dahlia and Clover parcels at Encorp Cahaya Alam.(pic) (File pic shows completed houses at Cahaya Alam)

PETALING JAYA: Encorp Bhd recorded a net profit of RM56mil for its fourth quarter ended Dec 31,2020, compared with a net loss of RM30mil in the previous corresponding period, mainly due to a reversal of accretion interest for 2019 and cumulative accretion interest as at the third quarter of 2020 of RM46.8mil.

In a filing with Bursa Malaysia, the property firm said earnings during the quarter were also spurred by cumulative interest charges of RM9.1mil as at the third quarter of 2020.