SINGAPORE (Aug 24): Astaka Holdings posted earnings of RM28.4 million ($9 million) for the full year ended June, swinging out of a restated loss of RM66.4 million a year ago.

This was mainly due to the absence of one-off non-operating losses of RM98.7 million in FY16, which arose from accounting losses from the group’s reverse takeover (RTO) exercise and RTO-related expenses.

Revenue in FY17 grew 16.9% to RM309.6 million, from RM264.9 million a year ago, on the back of progressive sales of its two key projects in Johor.

Earnings per share surged to 1.52 sen in FY2017, increasing by 5.31 sen from a loss per share of 3.79 sen in FY16.

As at end June, cash and cash equivalents stood at RM12.7 million.

Going forward, the group says it remains confident that upcoming infrastructure projects located in the vicinity of its developments, such as the proposed High Speed Rail and the Petronas Integrated Petroleum Complex, will drive demand for its properties.

“We remain focused doing what we are best at, with a view of attaining sustainable profitability and delivering higher returns to our shareholders that have put their trust in us,” says Astaka CEO Dato’ Zamani bin Kasim.

Shares in Astaka last closed at 9.2 cents on Aug 3.