Aspen's 4Q earnings surge to $14.2 mil on higher revenue

Aspen's 4Q earnings surge to $14.2 mil on higher revenue

By: 
Stanislaus Jude Chan
28/02/18, 06:15 pm

SINGAPORE (Feb 28): Aspen Group saw its earnings surge to 42.0 million ringgit ($14.2 million) for the 4Q ended December on the back of higher revenue, from 4Q earnings of 1.5 million ringgit a year ago.

This brings full-year earnings to a record high of 85.4 million ringgit in FY17, compared to losses of 0.3 million ringgit registered a year ago.

4Q17 revenue jumped more than four-fold to 207.1 million ringgit, from 44.1 million ringgit a year ago.

This is mainly due to further progress of its on-going projects, Tri Pinnacle and Vervéa.

In addition, the group saw revenue contribution from the completion of sale of land for a private medical centre and the construction of the Vertu Resort project, which commenced in 3Q17.

In 4Q17, earnings per share (EPS) rose to 5.47 sen, compared to 0.19 sen a year ago. Meanwhile, net asset value (NAV) per share climbed to 33.03 sen, from 5.90 sen a year ago.

As at end December, cash and cash equivalents stood at 134.3 million ringgit.

Looking ahead, Aspen says business conditions in Malaysia continue to remain favourable for property development, with demand underpinned by stable economic performance, a relatively low unemployment rate, and historically low interest rates.

“With unbilled sales totalling 858.2 million ringgit as at Dec 31, 2017, we are confident of a continuation of revenue growth in FY2018,” says Dato’ M. Murly, Aspen’s president and group chief executive officer.

“Going forward, as we launch new development projects, we will continue to acquire new land banks as well as evaluate opportunities to expand regionally with our strategic partners. We will also work with our developments to develop new business segments capable of generating streams of annuity income,” he adds.

Shares of Aspen closed 1 cent lower at 22.5 cents on Wednesday.

Najib arrested for alleged tampering of 1MDB report

SINGAPORE (Dec 10): Malaysia’s ex-prime minister, Najib Razak, has been arrested yet again by the Malaysian Anti-Corruption Commission (MACC). But this time, over the “tampering” of the 1Malaysia Development Berhad (1MDB) final audit report. Najib arrived at the MACC headquarters earlier today at 10.40am, apparently to assist in investigations regarding the above allegations. He was later arrested at about 11.00am. At around 1.20pm, Najib was released after posting bail. MACC is believed to charge Najib and former 1MDB president Arul Kanda this Wednesday over the alleged tamperi....
Read More >>

Singapore authorities block New Noble listing

SINGAPORE (Dec 10): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have barred Noble Group from transferring its listing status to New Noble as part of its restructuring process. This comes after a “careful review” of the findings to-date from the ongoing investigations into the commodities trader and its Singapore-incorporated subsidiary Noble Resources International (NRI). According to a joint statement by MAS, the Commercial Affairs Department (CAD) and SGX RegCo, the decision to block the New Noble listing arose from doubts about New Noble’....
Read More >>

Balancing profit and motive

SINGAPORE (Dec 10): On Dec 5, the UK government published a trove of internal Facebook emails and other documents that suggested the social media platform sought to trade users’ data with advertisers, or wield it for strategic advantage with third-party applications. Facebook has been under increasing scrutiny amid privacy concerns, and the backlash to the news was to be expected. In its defence, Facebook said it was seeking a way to ensure the sustainability of its business. As a business, Facebook should indeed be looking for the best way to monetise or leverage its assets — users’ ....
Read More >>
Active management can deliver attractive returns amid tightening liquidity, says Charles Schwab

SINGAPORE (Dec 10): In the last few years, passive fund management has become increasingly popular a