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Aspen posts RM41.97m net profit in Q4

MALAYSIA-BASED property group Aspen (Group) Holdings saw its fourth quarter net profit rocket to RM41.97 million, up from RM1.46 million the year before as revenue more than tripled.

Earnings per share for the three months ended Dec 31, 2017, were 5.47 sen, compared to 0.19 sen.

Revenue for Q4 was RM207.13 million, up from RM44.14 million in the corresponding quarter in 2016.

Gross profit almost quadrupled to RM75.71 million as an increase in revenue more than offset the corresponding increase in cost of sales.

Share of loss of associates was RM575,000, a reversal from RM247,000 in share of profit of associates.

Aspen returned to the black with a full-year net profit of RM85.41 million, compared to a full-year net loss of RM306,000.

Net asset value per share as at Dec 31, 2017, was 33.03 sen, up from 5.9 sen a year ago.

Aspen said that its commercial development, Vervea, and its residential project, Vertu Resort, have recorded sales of 88.28 per cent and 65.73 per cent, respectively, as at Dec 31. It expects sales momentum for its mixed development, Aspen Vision City, to increase with the opening of Ikea store slated for the first quarter of 2019.

The property developer has plans to launch the sales of four other projects between FY18 and FY19, namely HH Park Residence located at Tanjung Bungah, Penang; and Villuxe Designer Bungalows, Vittoria Financial Centre and Vogue Lifestyle Residence, all in Aspen Vision City, Batu Kawan.

Aspen was listed on the Catalist of the Singapore Exchange on Jul 28, 2017.