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.