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Selangor Prop 1Q net profit up 8 times to RM155.3m on Help disposal

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Selangor Prop 1Q net profit up 8 times to RM155.3m on Help disposal Empty Selangor Prop 1Q net profit up 8 times to RM155.3m on Help disposal

Post by Cals Fri 28 Mar 2014, 19:16

Selangor Prop 1Q net profit up 8 times to RM155.3m on Help disposal
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Friday, 28 March 2014 18:09

KUALA LUMPUR (Mar 28): Selangor Properties Bhd’s net profit multiplied eight times to RM155.3 million in the first quarter ended Jan 31, 2014, from RM19.4 million.

But revenue tumbled 36% year-on-year to RM38.9 million from RM61.1 million.

In a statement to Bursa Malaysia, the property developer said its higher profit was mainly due to a gain of RM113.1 million from the disposal of equity interest in Help International Corporation Bhd.

Selangor Properties also attributed the higher profit to a foreign exchange gain of RM30.6 million as the US dollar and Singapore dollar strengthened against the ringgit.

But the firm said its Australian operation recorded a loss of RM1.6 million compared with a profit of RM5.0 million in the preceding year’s corresponding quarter.

“Barring unforeseen circumstances, the group expects the operation in Malaysia and Australia to remain positive this year,” said Selangor Properties.

“However, the group’s profitability will be subject to currency fluctuations in view of our overseas investment,” it added.
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