Amplefield returns to black with full-year $620,000 net profit

SINGAPORE - Catalist-listed Amplefield posted a net profit of $620,000 for the year ended Sept 30, 2018, reversing the previous year's loss of $612,000, the property developer and construction services provider announced on Thursday night after the market closed.

Revenue for the year was $11.2 million, almost nine times the previous year's $1.3 million figure. The huge increase was mainly due to billings of $9.2 million from construction activities in Vietnam during the year, said Amplefield. Revenue attributable to rental income from investment properties in the Philippines also rose to $2 million compared to $1.2 million the previous year, due to high occupancy.

In line with the construction activities in Vietnam, construction costs rose to $8.3 million, from zero the preceding year.

Earnings per share were 0.08 cent, compared to the previous year's loss per share of 0.18 cent. No dividend was declared.

Amplefield said it would continue to focus on its core business of property development, construction and facilities provision in the region. "Notwithstanding the completion of the group's construction and development activities in the Philippines, the group will continue to look for suitable business projects to generate further revenue," it added.

Amplefield shares closed down 0.1 cent or 4.3 per cent at 2.2 cents on Thursday before the announcement.