Capital World posts Q2 net profit of RM17.4m

Singapore

MALAYSIAN property developer Capital World posted a net profit of RM17.4 million (S$5.9 million) for its second quarter ended Dec 31, 2017, up 90 per cent from RM9.2 million a year ago, on the back of an increase in revenue due to higher percentage of works completed.

Revenue soared to RM46 million for the quarter, up from RM18 million previously, mainly due to higher revenue recognition from Capital 21, the retail podium component of the group's mixed development project in Johor, Malaysia, and its serviced suites component, Capital Suites, which is in line with higher percentage of works completed.