Thursday, December 29, 2011

Kumpulan Europlus posts RM1m net profit in 3Q vs RM19m net loss

KUALA LUMPUR (Dec 29): KUMPULAN EUROPLUS BHD [] posted net profit of RM1 million in the third quarter ended Oct 31, 2011 compared with net loss of RM19.31 million a year ago.

It said on Thursday its pre-tax profit of RM1.33 million versus pre-tax loss of RM16.08 million a year ago was mainly due to interest income of RM1.66 million, accretion of equity interest in Talam Corp Bhd of RM 2.21 million and fair value gain of RM 2.09 million on short term investments.

Kumpulan Europlus said its revenue fell 19% to RM3.84 million from RM4.74 million mainly due to lower billings by the group's manufacturing and CONSTRUCTION [] divisions. Earnings per share were 0.2 sen compare with loss per share of 4.10 sen.

For the nine-month period, it recorded net profit of RM5.01 million in contrast with the net loss of RM24.05 million in the previous corresponding period.

The group recorded a pre-tax profit of RM 5.64 million compared to a pre-tax loss of RM20.07 million mainly due to gains arising from redemption of financial instruments by Trinity totalling RM44.27 million and interest income of RM4.40 million, reduced by fair value loss of RM 6.25 million and provision for doubtful debts of RM23.04 million.

Revenue declined 27.8% to RM14.81 million from RM20.51 million also due to lower billings by the group's manufacturing and construction divisions.

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