Update Malton 4Q net profit falls 46.5% to RM8.64mil

by **Cals** Fri 29 Aug 2014, 00:42

Update Malton 4Q net profit falls 46.5% to RM8.64mil

Business & Markets 2014

Written by Gho Chee Yuan of theedgemalaysia.com

Thursday, 28 August 2014 18:48

KUALA LUMPUR (Aug 28): Malton Bhd saw its net profit for the fourth quarter ended June 30, 2014 (4QFY14) declining 46.5% to RM8.64 million, from RM16.15 million recorded a year earlier.

It told Bursa Malaysia in an announcement today that its quarterly revenue was down 21.46% to RM102.16 million from RM130.07 million a year ago, while earnings per share fell to 2.05 sen from 3.86 sen.

Malton said the company recorded lower revenue and net profit for 4QFY14 compared to 4QFY13, due to higher billings and profit recognition from the completion of the Amaya Maluri project in Kuala Lumpur and the Mutiara Residence project in Penang last year.

Nevertheless, its full financial year (FY14) net profit still went up 46.45% to RM51.83 million, from RM35.39 million a year ago.

FY14’s revenue climbed to RM500.3 million, up 39.3% from RM359.18 million recorded in FY13.

Compared to its immediate preceding quarter, Malton's revenue declined marginally to RM102.2 million from RM102.6 million in Q3FY14.

This, the company said, was due to lower billings, as a result of the recent completion of the Jaya 14 project.

However, the decline was offset by higher revenue recognition from its property development division, with the introduction of several new projects, it added.

On prospects, Malton said the Malaysian economy is expected to remain on a steady path, to be driven by private investment and private consumption.

"The cooling measures announced by the government will not have significant effects on our immediate earnings, due to [the] high percentage of lock-in sales for launched projects," it said.

"In addition, the on-going development projects in Penang and Klang Valley are expected to contribute positively to the financial year ending June 30, 2015," it added.