Thursday, May 19, 2011

Malton 3Q net profit surges 620% to RM26m on higher billings, sales

KUALA LUMPUR: MALTON BHD []'s earnings surged 620% to RM26.28 million from RM3.64 million a year ago, underpinned by higher billings from the property development division.

It said on Thursday, May 19 revenue increased by 79.4% to RM116.38 million from RM64.89 million while pre-tax profit increased by 512.7% to RM38.6 million from RM6.3 million. Earnings per share were 7.55 sen compared with 1.05 sen.

It attributed the strong earnings due to an increase in the billings from the property development division after the completion of en bloc sales of an office tower of V Square Project and billings from commercial projects.

The earnings were also supported by better margins together with better cost savings arising from the continuous re-engineering exercise carried out by the group.

Revenue from both the property development division and CONSTRUCTION [] and project management division increased as compared to the previous corresponding quarter.

For the nine months, its net profit increased by 176% to RM45.73 million from RM16.52 million while revenue saw a 12.8% increase to RM294.45 million from RM260.90 million.

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