Sapura posts lower net profit on one-off gain

Sapura Resources Bhd recorded substantially lower net profit for its third quarter (3Q) ended Oct 31 this year, mainly due to a one-off gain from the entire disposal of its 49% stake in APIIT Education Group, which boosted earnings recorded in the corresponding quarter last year.

In an exchange filing yesterday, the aviation and property concern noted its net profit fell to RM412,000 for the period compared to the RM98.32 million achieved in the previous year’s 3Q.

Its revenue for the quarter improved by 9.1% year-on-year to RM12.94 million due to the stronger turnover managed from the aviation segment.

The firm noted its long-term strategy for property investments will help offset the softening market, while the aviation business is set to grow on expansion of its hangarage business and related aviation services.