Tuesday, August 24, 2010

Plenitude advances on record revenue, earnings

KUALA LUMPUR: Shares of PLENITUDE BHD [] advanced in early trade on Tuesday, Aug 24 after it reported its highest ever revenue and profit levels in the group's history.

At 9.47am, it was up nine sen to RM3.67 with 32,600 shares done.

The property developer reported that for its financial year ended June 30, 2010,'' revenue and profit after tax for FYE2010 rose to RM349.71 million and RM84.19 million, up 23.7% and 5.5% from RM282.76 million and RM79.78 million in FYE 2009.

The group's earnings per share (EPS) increased to 62.36 sen for FYE 2010 from 59.10 sen per share in the previous year.

Plenitude executive chairman Chua Elsie said the property market rebound had worked in its group's favour.

'Demand for our projects increased for the reporting year and prices of our PROPERTIES [] surged between 10% and 20% on average. This brought about a better than expected gross development value of RM324.36 million,' she said.

For the reporting year, Plenitude launched five phases within its development in Puchong, Johor Bahru, Sungei Petani and Penang. Its Phase 8A in Taman Putra Prima, Puchong did exceptionally well where 197 double storey terrace houses were fully sold out delivering a total gross development value of about RM70.13 million.

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