Flash Tradewinds 1Q profit falls 56 % yoy to RM5.8m

Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 29 May 2013 17:23
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Flash: Tradewinds 1Q profit falls 56 % yoy to RM5.8m

Tradewinds Corp Q1 net profit falls 56% to RM5.8mil


PETALING JAYA: Tradewinds Corporation Bhd
net profit fell 56% to RM5.8mil for its first quarter ended March 31,
compared to RM13.4mil recorded in the previous corresponding quarter.
Revenue inched up to RM128.3mil from RM127.3mil.
It
said the weaker performance was mainly due to lower result from
properties division due to one-off gain on sale of non-current assets
held for sale recorded last year, lower result from hotel and
manufacturing & trading divisions.
“However, this has been
offset by better results from financial services and others divisions as
compared to the corresponding period last year,” it said.
It
said the company's performance is not expected to improve significantly
due to the lower operating performance of its investment properties' as
the group is embarking on the re-development of Menara Tun Razak and the
development of Tradewinds Centre.
“The re-development of Menara
Tun Razak and the construction and completion of Tradewinds Centre will
have a positive impact in the longer term to the group,” it said