KUALA LUMPUR: Ageson Bhd posted a net profit of RM12.4 million for the second quarter (Q2) ended December 31 2020 (FY21), an increase of 58.9 per cent from RM7.8 million in the same quarter last year.
This was mainly due to the disposal gain on subsidiary and realisation of foreign currency reserve upon disposal of the subsidiary during the quarter.
Revenue for the quarter jumped 323 per cent to RM44.7 million from RM10.6 million a year ago, the company's Bursa Malaysia filing showed.
The higher revenue was achieved mainly due to the positive progress billing recognised from construction projects, which contributed 95.9 per cent of the total revenue, with the balance from its property division.
Executive director Datuk Sri Chin Kok Foong said 2020 was a year of tremendous operational and financial execution for Ageson.
"In the six months (6M) of FY21, we delivered top-line growth, cost efficiency and impressive profitability.
"We have achieved a total sales of RM44.7 million in 2Q FY21 and I am positive the company will be able to achieve another record profit year in FY21.
"Our quarter operating performance demonstrates the stability of our core business segments and the resilience of our organisation, he said in a statement today.
The group would focus on businesses that are able to generate high return on investment to shareholders, executive director Datuk Sri Liew Kok Leong said.
"Despite construction and property development sectors being badly affected by the Covid-19 pandemic, we still continue to show our commitment and do our very best in securing new business opportunities in general trading to ensure sustainability of the group," he added.