Plenitude 4Q net profit down 19.5% to RM22.2m

KUALA LUMPUR: PLENITUDE BHD [] net profit for the fourth quarter fell 19.5% to RM22.2 million from RM27.60 million a year earlier due mainly to lower progressive profit recognised on PROPERTIES [] sold, completed and handed over.

It said on Tuesday, Aug 23 that revenue for the quarter fell to RM75.92 million from RM107.59 million in 2010. Earnings per share was 8.20 sen compared to 10.20 sen in 2010, while earnings per share was RM2.91.

For the financial year ended June 30, Plenitude’s net profit rose to RM89.59 million from RM84.19 million on the back of revenue RM317.89 million.

Plenitude executive chairman Chua Elsie in a statement Aug 23 said that the profit for FYE 2011 was attributable to good demand and higher selling price per unit of its existing projects in Puchong, Johor Bahru, Penang and Sungai Petani.

Chua said for the reporting year, Plenitude launched three (3) phases within its Puchong, Johor Bahru and Sg. Petani mixed residential projects.

She said the latest phase of Taman Putra Prima, Puchong spearheaded the strong performance this year where a total of 248 units of double storey and 2 ½ storey terrace houses were fully sold.

Taman Desa Tebrau, Plenitude’s flagship development in Johor Bahru recently launched 55 units of bungalows and currently registering a take up rate of 70%, she said.

Chua said Plenitude’s maiden luxury project in Penang, Bayu Ferringhi had been completed, delivering 112 units of condominium and 38 units of semi detached homes.

“Sales for our townships in Sungai Petani, Kedah mainly Bandar Perdana and Perdana Heights (Lot 88) properties also continue to rise.

“With the current demand pushing up prices, we are offering very affordable well designed 1 ½ Storey Terrace houses and double storey terrace houses to meet expectations of first time buyers” said Chua.