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Global Oriental 2Q profit up 57% on Selangor projects

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Global Oriental 2Q profit up 57% on Selangor projects Empty Global Oriental 2Q profit up 57% on Selangor projects

Post by Cals Fri 22 Nov 2013, 14:14

Global Oriental 2Q profit up 57% on Selangor projects
Business & Markets 2013
Written by Zatil Husna of theedgemalaysia.com   
Friday, 22 November 2013 14:08
KUALA LUMPUR (Nov 22): Global Oriental Bhd’s net profit climbed 57% in the second quarter ended September 30, 2013 (2QFY13) from a year earlier. Profit had risen on higher contribution by on-going property projects in Subang Jaya and Seri Kembangan in Selangor.

In a statement to the exchange, Global Oriental said net profit came in at RM7.7 million in 2QFY13 compared to RM4.9 million. Revenue climbed to RM86.6 million from RM67.7 million.

“The increase in revenue and pre-tax profit of 27.9% and 32.9% respectively in the current quarter were mainly attributable to higher revenue recognition and higher profit contribution from on-going projects such as da:men project in USJ Subang Jaya, Villa Heights and Equator in Seri Kembangan,” Global Oriental said.

For the first half period, the group registered a higher net profit of RM10.9 million compared to RM7.1 million a year earlier. Revenue increased to RM160.7 million from RM127.8 million.

Looking forward, Global Oriental said cooling measures by the government to curb property speculation "would not have significant impact on the group as most of our purchasers are local buyers and our projects are located in strategic growth areas in the Klang Valley and Penang.”
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