Tebrau Teguh posts 2Q net profit of RM118,000

KUALA LUMPUR: TEBRAU TEGUH BHD [], which has fallen under the radar of investors in recent months despite the growing interest in Iskandar Malaysia, Johor, posted net profit of RM118,000 in the second quarter ended June 30, down 84.4% from RM758,000 a year ago.

It said on Tuesday, Aug 16 revenue was up 7.6% to RM27.83 million from RM25.85 million due to on-going CONSTRUCTION [] activities.

Tebrau Teguh said property development accounted for RM12.97 million and construction RM28.11 million (before elimination of RM1.28 million). Earnings per share were 0.02 sen compared with 0.11 sen.

The group’s accumulated losses were RM59.62 million at June 30, compared with RM60.17 million at Dec 31, 2010.

On the prospects, it said the group would launch its residential development, The Botanica @ Bayu Puteri in the third quarter 2011.

The development consists of 544 residential units with estimated gross development value of RM165 million to be developed over five years.

“The group is currently focusing to complete the RM303 million contract awarded by Johor State Secretary Inc on Jan 16, 2009. The construction period is 36 months and is targeted to complete in early 2012,” it said.

Its net asset per share was 75 sen. Its share price closed at 62 sen.