Gadang 4Q profit falls 84%, declares 3 sen/share dividend

by **Cals** Thu 25 Jul 2013, 20:28

Gadang 4Q profit falls 84%, declares 3 sen/share dividend
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Thursday, 25 July 2013 19:05

KUALA LUMPUR (July 25): GADANG HOLDINGS BHD []’s net profit for its fourth quarter ended May 31 (4QFY13) fell 83.7% to RM1.49 million from the RM9.19 million it recorded a year earlier, according to a Bursa Malaysia filing.

However, the CONSTRUCTION [] and developer company’s revenue of RM94.93 million in the quarter under review was 24.04% higher than the previous corresponding period’s RM76.53 million.

Based on Gadang’s latest income statement, expenses listed under “other expenses” for 4QFY13 came to RM9.27 million against the previous year’s RM922,000.

Its income tax expense in the quarter was also four times higher from the previous corresponding quarter, at RM3.201 million and RM822,000 respectively.

Gadang also declared a dividend of three sen a share, up from two sen declared in the previous corresponding quarter.

For the full year, Gadang made RM19.89 million, or 10.11 sen per share, in net profit on revenue of RM354.07 million.

Its FY12 net profit was RM14.45 million or 7.35 sen per share. Revenue stood at RM246.35 million.

“The increase in revenue was a result of higher contributions from construction and property activities. In line with the above, the group registered a higher profit before tax of RM31.14 million in FY13 as compared to RM17.92 million in FY12,” Gadang said in the filing.

For FY14, the company said it expects to continue the momentum generated from FY13.