Selangor Dredging Q1 net profit slips to RM9.26 mln

Selangor Dredging Q1 net profit slips to RM9.26 mln
Business & Markets 2013
Written by Bernama
Tuesday, 20 August 2013 19:29

KUALA LUMPUR (Aug 20): SELANGOR DREDGING BHD [] posted a lower net profit for the first quarter (Q1) ended June 30 2013, to RM9.26 million compared with RM10.67 million in the corresponding period last year.

However, the group achieved a higher turnover of RM70.80 million for the period, from RM65.39 million previously.

In a statement today, the company said the improved turnover was attributable to higher revenue recognition from Dedaun, Hijauan and OKIO projects, compared with the previous corresponding quarter.

"The current period-to-date also witnessed revenue from projects which started contributing this year, like Windows on the Park, By The sea, Laman and Bayu.

"The lower net profit achieved was mainly due to the completion of two projects — 20 Trees West and Five Stones, which were completed last financial year," said the company.

The company also registered a lower pre-tax profit of RM11.92 million in Q1, compared with RM19.70 million in the preceding quarter.

"The lower profit was due to the increase in fair value of the group's investment PROPERTIES [] amounting to RM7.18 million in the preceding quarter," it said.

On outlook, it said the coming year was expected to remain challenging due to uncertainties from the European debt crisis.

However, it expects the current financial year performance to be satisfactory, with unbilled sales of some RM921 million.