Asian PAC Posts Higher Net Profit Of RM52.69 Mln In FY19

KUALA LUMPUR, May 29 (Bernama) -- Asian Pac Holdings Bhd has recorded a net profit of RM52.69 million for the financial year ended March 31, 2019 (FY19) compared with RM47.42 million (US$11.3 million) in FY18. Revenue declined to RM144.41 million from RM186.18 million previously, it said in a filing to Bursa Malaysia Tuesday. For the fourth quarter ended March 31, 2019 (Q4 FY19) Asian Pac posted a rise in net profit to RM41.45 million compared with RM33.46 million in Q4 FY18, while revenue fell to RM55.71 million from RM61.75 million previously. The company said the increase in profit was mainly derived from its property investment division with fair value gain arising from the valuation of investment properties amounting to RM46.20 million in the current quarter. “The mall division achieved higher profit of RM915,000 following increased occupancy rate, higher base rent and turnover rent,” it said. It added that the group currently has three active divisions contributing to the results, namely property development, mall operations and car park operations. “We anticipate that these divisions will contribute positively to the Group's performance in the next financial year,” it said. (US$1 = RM4.19) -- BERNAMA