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Results Note – Gabungan AQRS (BUY, maintain) - 1QFY13 net profit of RM7.6m, within expectation




Affin Hwang Investment Bank Bhd


28 May 2013





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1QFY13 headline net profit increased by 152.8% QoQ and 34.4% YoY In 1QFY13, the group posted a revenue of RM83.5m, which was 27.9% higher QoQ and 1.5% higher YoY, largely driven by contribution from the construction segment. However, profit contribution from the Construction Division declined by 18.6% YoY to RM52.1m mainly due to lower gross profits project being carried out in 1QFY13. Conversely, revenue contributions from the Property Development Division increased by more than five fold YoY to RM31.4m. This is mainly due to the recognition of previous sales. The group recorded a net profit of RM7.6m (YoY: +34.4%; QoQ: +152.8%) mainly driven by the higher profit contribution from the Property Development Division.

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