KUALA LUMPUR: AME Elite Consortium Bhd (AME MK) net profit more than halved to RM21.8 million in the second quarter ended Sep 30, 2023 (2Q24) in the absence of fair value gain on investment properties from the sale of industrial properties to AME Real Estate Investment Trust (REIT).
Excluding the fair value gains, 2Q23 net profit would have amounted to RM14.6 million on an adjusted basis, resulting in a 89.9 per cent growth in 2Q24 net profit.
Revenue grew 58.2 per cent to RM233.3 million in 2Q from RM147.5 million in the previous year, due to the increase in property development, engineering services, rental and service income.
Earning per share fell to 3.42 sen from 7.15 sen in 2Q23.
Net profit for the six months period was down 13.1 per cent to RM45.1 million.
Excluding fair value gains net profit was up 160.9 per cent in the first half of 2024, compared with a year ago.
This was on a 60.3 per cent increase in revenue to RM455.8 million for the six month period ended September 30, 2023, compared with a year ago.
AME MK group managing director Kelvin Lee Chai said AME is strategically poised to capture the interest of domestic and international businesses expanding within and into Malaysia.
Our world-class, sustainably designed integrated industrial parks provide a conducive environment for business growth. "Additionally, Johor, where our industrial parks are situated, consistently ranks among the top five destinations for Foreign Direct Investment (FDI) in Malaysia, contributing to our promising prospects," he said.
"The future launch of our 176-acre joint venture industrial park in Penang in 2024, with estimated gross development value of RM1.5 billion, will contribute to our growth," he added.
The group declared an interim dividend of 2.0 sen per share for the financial year ending March 31, 2024 (FY24).