Esmart Holdings has reported a net profit of RM27.4 million ($11.4 million) on revenue of RM573.3 million the 12 months ended 28 February 2011 (FY2011) compared with net profit of RM48.7 million on revenue of RM526.9 million in the previous corresponding period (FY2010).

Esmart says revenue in FY2011 increased by 8.8% or RM46.4 million mainly due to an increase in revenue in the duty free segment by 6.4% or RM31.5 million and in the property and hospitality segment by 40.5% or RM14.9 million.

This is Esmart’s first set of financial results after morphing into an operator of duty free business with a property and hospitality segment after successfully completing the acquisition of DFZ Capital Berhad (DFZ) and Darul Metro Sdn Bhd (DMSB) as part of a $285 million reverse takeover (RTO) exercise by Bursa-listed Atlan Holdings Bhd (Atlan).

Esmart’s previous electronics business was disposed off in February this year.