Gabungan AQRS eyeing to launch IBS manufacturing project in Sabah

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KUALA LUMPUR (Feb 6): Gabungan AQRS is planning to launch an industrialized building systems (IBS) manufacturing project in Sabah.

However, commenting on a news report in an English language daily on Wednesday that the company had subscribed a 49% stake in the Sabah Economic Development Corp (Sedco) for about RM3.5million, its CEO Alvin Ng said there had been no official agreement inked as yet.

“Officially nothing has been signed yet, so I have no idea how this story even came out. But we are looking to sign the agreement within the next one or two months and we will be making an announcement in due time as well,” he said to the media after a fund manager’s briefing.

The group also announced its third quarter results today.

For the quarter ending Sept 30, 2012 (3Q12), Gabungan AQRS Bhd recorded a net profit of RM3.9 million on revenue of RM110.5 million

In its nine months ended Sept 30, Gabungan recorded a net profit of RM18.6 million on revenue of RM254.3 million.

The company, which was listed on Bursa Malaysia in July 2012, did not provide comparative figures for its previous corresponding period.

The group currently has a property development book of RM1.4 billion and a construction order book of RM1.2 billion. Its gearing is in a net cash position of RM27 million.

Looking ahead, Gabungan has property projects worth RM391.1 million in its pipeline to be launched in FY13.

“We have Permas Jaya @ Johor Baru  which will be an additional activity for both construction and development and there is also Stylo (a SOHO, residential and commercial project). As you can see, our hands are quite full but we are still very hungry,” said Ng.

Gabungan AQRS also has a slew of ongoing projects that have been lined up to be delivered up to 2016, including  Package C1 of LDP extensions, the Ampang LRT carpark and building as well as Package V1 (Sungai Buloh to Kota Damansara stations) of the MRT project.

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