Country View 1Q profit more than double to RM17 million

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 25 April 2013 18:21
A + / A - / Reset
KUALA LUMPUR (April 25): COUNTRY VIEW BHD []'s first quarter net
profit more than doubled from a year earlier on higher property sales in
Johor and land disposal gains.
In a statement to the exchange today, the real estate developer said net
profit came to RM17.19 million in the quarter ended February 28, 2013
(1QFY13) versus RM5.95 million previously. Revenue rose 67% to
RM63.35 million from RM37.87 million.
"The increase in the revenue and profit before tax was derived from the
increase in sales of residential PROPERTIES [] and triple storey shop
offices in Taman Nusa Sentral together with a higher percentage of
completion recognised for all of the properties under development in
Taman Nusa Sentral.
"The profit before tax for the current quarter was also higher due to the
profit of RM3.4 million arising from the sale of a piece of land by the
company that had been held as inventory," Country View said.
Looking ahead, the company said its expects to post better results for
FY13 on income recognition the Taman Nusa Sentral and another
project known as "Residence at The Peak".
Country View said it expects sales in Taman Nusa Sentral to contribute
positively to its financials on positive sentiment in Johor's Iskandar
Malaysia enclave.
"Barring unforeseen circumstances, the group expects its performance for the financial year ending 30 November 2013 to
improve further," Country View said.
The firm which had earlier paid a first interim dividend of six sen a share less 25% tax during 1QFY13, plans to pay another
four sen less tax.
This brings dividends for the quarter to 10 sen a share.