This is largely due to a surge in revenue by over 500% from RM3.1 million last year to RM21.2 million this year, supported by its property development and construction segments.

For the cumulative nine months (9M FY2023), Tanco posted a net profit of RM15.4 million, a big improvement from the previous period’s net loss of RM9 million.

“This significant upturn is a testament to our concerted focus on enhancing revenue streams, particularly in property development and construction,” said executive director Christopher Tan.

However, net profit slumped on a quarter-to-quarter basis by 57% from RM11.7 million in Q2 FY2023 while revenue fell 28.62% to RM21.2 million from RM29.7 million in Q3 FY2022.

It attributed the fall in revenue in the current quarter mainly due to lower revenue generated from its property development and management segment.

During Q3, Tanco successfully repaid a RM30.5 million bank loan and consolidated its financial position.

It also concluded the acquisition of a 50.1% equity interest in Gplex Properties Sdn Bhd (GPSB), and its unit Tanco Builders Sdn Bhd accepted a letter of award from China Communications Construction (ECRL) Sdn Bhd for the subgrade works of the East Coast Rail Link project.

GPSB operates a real estate agency and also owns an online sales submission and processing platform for property agents and property developers.

“We strongly believe in the capability of the post-GE 15 government to drive economic growth and facilitate trade. These anticipated positive changes would open doors for us to enhance our core business sectors,” added Tan.

At 3.45pm, Tanco’s share price was flat at 52 sen, giving it a market capitalisation of RM986.07 million.