KUALA LUMPUR (April 22): Eupe Corp Bhd’s net profit rose 14.83% to RM10.93 million for the fourth quarter ended Feb 28, 2021, from RM9.52 million a year ago, on the back of higher profit margins from its Northern Region projects.

Revenue was down 8.21% to RM71.41 million from RM77.79 million previously, the group's filing with Bursa Malaysia showed.

Eupe said the decrease in revenue was due to the completion and handing over of [email protected] Bangsar project in June 2020, with no contribution from the project to the latest quarterly results.

“Improved revenue from the group’s Northern property operations has helped to largely offset the decrease in revenue from Novum,” it said.

For the full year ended Feb 28, 2021, Eupe’s net profit grew 24.59% to RM42.19 million from RM33.86 million in the previous year.

Full-year revenue climbed 1.91% to RM304.03 millio, from RM298.32 million.

Eupe said the impact of Covid-19 and resulting effects on economic growth and consumer confidence continue to result in significant uncertainties that are largely outside the control of the group.

A rebuilding of demand and confidence, both in the property sector and the broader economy, will depend to a large extent on the effectiveness of government’s roll out of the vaccine and response plans, as well as ongoing government support to assist in reflating consumer and business demand, the group added.

“Despite these macro uncertainties impacting on the Malaysian economy as well as the property sector for the current year, the group’s performance will still be largely driven by factors within its control, with the disruptions caused by the pandemic likely to accelerate existing trends in the economy that suit Eupe’s core approach to property development.

“These will potentially include more product innovation in home design, focusing on health and safety aspects, that are strongly value-oriented,” said Eupe.

Shares of Eupe closed 1.5 sen or 1.55% higher at 98 sen today, valuing the group at RM125.44 million.