Catalist-listed KOP Limited saw its net profit soar to $39.2 million in the third quarter of the financial year ended 31 March 2015, bouncing back from the net loss of $354,000 posted in Q3 2014.
The increase was largely contributed from the gain realised on divesting the entire 39.9 percent stake in the Ritz-Carlton Residence following the redemption of the 2013 junior notes.
The company’s revenue jumped 21.5 percent on a year-on-year basis to $5.6 million in Q3 2015 from $4.6 million in Q3 2014, while gross profit rose to $2.6 million from $2.5 million previously.
Thereafter, the group’s earnings per share increased to 4.50 cents in Q3 2015 from a loss of 0.02 cents in Q3 2014.
Ong Chih Ching, Executive Chairman and Executive Director of KOP Limited said, “The increase in our profits gives us greater confidence in our expansion plans to new markets, as well as by venturing into mixed development projects which incorporates a lifestyle component into the property business.”