Perak Corp’s 3Q net profit triples to RM24.2 mil on land sales

by **Cals** Fri 28 Nov 2014, 01:57

Perak Corp’s 3Q net profit triples to RM24.2 mil on land sales

KUALA LUMPUR (Nov 27): Perak Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)'s net profit more than tripled to RM24.20 million in the third quarter ended Sept 30, 2014 (3QFY14), from RM7.87 million a year ago, on higher revenue from land sales.
Revenue for the quarter under review also more than doubled to RM81.16 million from RM35.04 million in 3QFY13, due to higher land sales from its subsidiaries in its township development segment.
Notably, its township development segment's revenue more than quadrupled to RM57.97 million from RM13.10 million a year ago, its filing to Bursa Malaysia today showed.
Meanwhile, the property developer and port operator's net profit for the nine-month period (9MFY14) rose 60.59% to RM32.77 million from RM20.41 in the previous corresponding quarter.
Revenue was also higher at RM139.66 million, 45.70% higher than RM95.85 posted a year ago.
Perak Corp said it "may" be able to achieve satisfactory results for FY14.
"Although [the] infrastructure segment is expected to grow its throughput during the year, its results shall be partially offset due to depleting industrial land bank at Lumut Port Industrial Park.
"Business activities at Bandar Meru Raya are expected to increase during the year and the group is embarking on long-term strategies for township development segment which is expected to result in lower land sales in the short and immediate term," it said.
Perak Corp closed 5 sen or 1.83% lower at RM2.68 today, giving it a market capitalisation of RM268 million.