Amcorp Properties Berhad

Lee said Amcorp Properties will continue to strengthen its partnerships in the market to "shorten the path to profit and value" for the company. The company currently retains a RM269 million share of GDV in Japan with partnerships with Grosvener Asia-Pacific Ltd and Nang Fung Group in Hong Kong. The company also entered a 50:50 joint venture with property developer Grosvener Europe Investments Ltd on July 14 this year to expand the company's presence in Spain with a capital commitment of €35 million (RM158.51 million). Revenue for the company grew 27.4% to RM43.83 million for the first-quarter ended June 30, 2016 (1Q16) from RM34.4 million in the corresponding period last year. However, net profit dropped to RM4.48 million in 1Q16 compared to RM56.94 recorded in the same period last year. Its CFO Johnson Yap said the company's profit was calculated based on realised projects instead of ongoing developments. "We do not recognise profit on a progress basis. Unlike local projects in Malaysia, we only recognise profit upon completion of the projects," Yap said. Amcorp Properties also has a significant stake in the East Malaysian property market with a projected GDV worth of RM2 billion in the Sibu Jaya Sarawak township, which it has a 100% ownership. Lee said the township has been successful with all units fully sold. The project on the 900-acre (364.22ha) site is expected to complete over a 15-year period. Moving forward, he said Amcorp Properties will utilise "pull factors" in mitigating changing buyer sentiments and market conditions. "Our main goal is to create a company who can meet the challenges of time. Sentiments change every day. The focus is to always have the right product and right price in the right location," he said.