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Selangor Properties 4Q profit surges 78% yoy to RM34m

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Selangor Properties 4Q profit surges 78% yoy to RM34m Empty Selangor Properties 4Q profit surges 78% yoy to RM34m

Post by Cals Mon 30 Dec 2013, 21:28

Selangor Properties 4Q profit surges 78% yoy to RM34m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Monday, 30 December 2013 19:48

KUALA LUMPUR (Dec 30): Selangor Properties Bhd’s net profit surged 78% year-on-year (y-o-y) to RM34 million in the fourth quarter ended Oct 31, 2013, from RM19 million a year ago.

Revenue rose 7% y-o-y to RM60 million from RM56 million.

For the full year period, profit rose to RM95 million from RM69 million a year earlier, while revenue generated was RM239 million versus RM244 million in the previous corresponding period.

Selangor Properties said it expects its operations in Malaysia and Australia to remain positive next year. However, profitability will be subject to currency fluctuations for its overseas investment.

In a separate statement, the company said it has undertaken a revaluation exercise of all its investment properties held by the group gaining RM45.9 million.

“This will result in an increase of 10.9 sen in the net asset per share of Selangor Properties,” the firm said.

Following the revaluation, the total asset valuation of the investment properties stands at RM580 million.

The revaluation is in compliance with the accounting standards under the Financial Reporting Standards (FRS) 40 on investment properties.
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