PETALING JAYA: AME Elite Consortium Bhd, which is set to be listed next Monday on the Main Market of Bursa Malaysia, saw its net profit for its first quarter ended June 30, 2019 surged 96% to RM13.14 million from RM6.71 million a year before, thanks to higher contribution from its property development, engineering services and rental income.

Revenue for the quarter also jumped 60.79% to RM94.36 million from RM58.68 million.

In a filing with Bursa Malaysia, the group said the property development division’s revenue increased to RM36.5 million due to the sale of a parcel of industrial land and commercial shop lots in addition to the sale of industrial factory units.

Engineering services increased to RM11.80 million on the back of higher contribution from both the steel engineering and precast concrete works division and the mechanical and electrical engineering works division.

Meanwhile, the group’s rental income increased 20.32% to RM6.04 million from additional units of factory leased by customers and the rental income from the workers’ dormitories which commenced in the current financial quarter under review.

However, revenue from the group’s construction services decreased 14.18% to RM40.02 million, due to the timing of the construction projects.

Looking ahead, AME Elite said it had experienced strong demand for its construction services and industrial properties, as well as growth in rental income and value of its investment properties.

“We have also been able to attract more multinational corporations to operate in our industrial parks which we believe has helped to attract other MNCs and local enterprises to purchase or lease property units within our industrial parks.”

Source: thesundaily.my