Kerjaya Prospek 1Q net profit rises 18% to RM26.3mil

KUALA LUMPUR: Kerjaya Prospek Group Bhd’s net profit rose 18% to RM26.3mil in the first quarter ended March 31 against RM22.3mil in the same quarter a year ago.

Its revenue rose 26.8% to RM268.6mil from RM211.8mil previously. Earnings per share for the quarter stood at 2.13 sen against 1.81 sen a year ago.

Kerjaya Prospek said the increase in revenue was mainly because it had fully resumed its construction projects compared with last year which was affected by the implementation of the Movement Control Order (MCO).

“On the property development segment, the Vista Residence project at Genting Permai was completed in 2019 and there are no projects under development for the financial quarter under review.

“Therefore, the property development segment has minimum contribution to the group's results,” it said in the notes accompanying its financial results.

For the financial quarter under review, the increase in profit for the investment segment was mainly due to gain on disposal of foreign quoted shares which amounted to RM1.16mil.

Kerjaya Prospek said it would continue to monitor and implement appropriate business strategies in a timely manner to address the risk this pandemic may have on the group's operations and financial performance.

“Nevertheless, the group is supported by an outstanding order book of RM3.4bil for construction contracts as at March 31.

“Moving forward, the group aims to focus on the construction segment to be the main revenue driver of the group,” it said.