KUALA LUMPUR: BANDAR RAYA DEVELOPMENTS BHD []'s earnings fell to RM4.25 million in the first quarter ended March 31, 2011 from RM22.15 million a year ago due to a decline in revenue.
The company said on Tuesday, May 24 revenue declined by 28% to RM137.18 million from RM189.80 million a year ago. Earnings per share were 0.9 sen compared with 4.7 sen.
'With the completion of CapSquare Office Tower 2 and Troika in Kuala Lumpur as well as Phase 1 of Defence Raya Golf Resort in Lahore, Pakistan, revenue in the property division contracted by half to RM71.9 million from RM144.0 million in the same quarter a year ago,' it said.
BDRB said despite the good demand for 6 CapSquare in Kuala Lumpur and Straits View Residences in Johor, these projects did not contribute significantly as they were still at early stages of CONSTRUCTION [].
Its pre-tax profit of RM7.8 million was 77% lower when compared to RM33.3 million a year ago. This was mainly due to the lower development profit as well as higher finance costs in the property division.
The manufacturing division under MIECO CHIPBOARD BHD [] recorded a 54% revenue jump as sales volume rose with the increased production capacity following the recommencement of Plant 3 operations in Kechau Tui, Pahang in January this year.
As for Mieco recorded a pre-tax loss of RM1.4 million against the pre-tax profit of RM1.4 million a year ago due to higher operating and raw material costs, particularly a shortage of wood supply.
Mieco's results in the same quarter last year were also boosted by a higher translation gain of its USD term loan arising from a relatively steeper weakening against the ringgit then.
The company said on Tuesday, May 24 revenue declined by 28% to RM137.18 million from RM189.80 million a year ago. Earnings per share were 0.9 sen compared with 4.7 sen.
'With the completion of CapSquare Office Tower 2 and Troika in Kuala Lumpur as well as Phase 1 of Defence Raya Golf Resort in Lahore, Pakistan, revenue in the property division contracted by half to RM71.9 million from RM144.0 million in the same quarter a year ago,' it said.
BDRB said despite the good demand for 6 CapSquare in Kuala Lumpur and Straits View Residences in Johor, these projects did not contribute significantly as they were still at early stages of CONSTRUCTION [].
Its pre-tax profit of RM7.8 million was 77% lower when compared to RM33.3 million a year ago. This was mainly due to the lower development profit as well as higher finance costs in the property division.
The manufacturing division under MIECO CHIPBOARD BHD [] recorded a 54% revenue jump as sales volume rose with the increased production capacity following the recommencement of Plant 3 operations in Kechau Tui, Pahang in January this year.
As for Mieco recorded a pre-tax loss of RM1.4 million against the pre-tax profit of RM1.4 million a year ago due to higher operating and raw material costs, particularly a shortage of wood supply.
Mieco's results in the same quarter last year were also boosted by a higher translation gain of its USD term loan arising from a relatively steeper weakening against the ringgit then.
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