Magna Prima posts higher net profit of RM1.02m

Magna Prima Bhd reported a marginally higher net profit of RM1.02 million for the first quarter ended March 31, 2012

from RM926,000 in the same period last year.



Revenue for the quarter fell to RM5.28 million from RM7.08 million a year ago.



The company said the lower revenue was a direct result of the IC

Interpretation 15 adoption by its property development segment.




In a statement today, chief executive officer Datuk Rahadian Mahmud
said the company is upbeat that its new development projects this year
would continue to reaffirm its strength as a developer of choice.



"We are planning to launch niche property developments estimated to
be worth more than RM1 billion in gross development value (GDV) in
2012.



"With these dynamic growth plans in place, we are confident that
the company's earnings will show an improvement in 2012 and in the
years ahead," he said.



On prospects, he said the company is in the midst of embarking on a
signature development comprising a two-tower residential office project
in Jalan Ampang, with a GDV of RM1.3 billion.



"Our maiden venture in Melbourne, Australia, called The Istana, is
progressing well and is slated for completion at end-2014. We have
received good response in terms of sales and this development has
placed our stake in regional market," he said.


He said Magna Prima has a positive outlook for the 2012 fiscal year
and is confident that the property development division will remain the
key earnings driver for the group.



"Moving forward, we will also continue to keep an eye for suitable
landbanks for suitable niche development of high GDV," he added. --
Bernama

personally this is a goreng stock, and it shows no break in the triangle

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