Thursday, May 19, 2011

PacificMas 1Q net profit rises 29.6% to RM6m

KUALA LUMPUR: PACIFICMAS BHD [] net profit for the first quarter ended March 31, 2011 rose 29.6% to RM6 million from RM4.63 million a year earlier due mainly to higher contribution by the hire-purchase and leasing subsidiary.

Revenue for the quarter rose to RM27.39 million from RM21.17 million in 2010. Earnings per share was 3.15 sen while net assets per share was RM3.87.

Reviewing its result on Thursday, May 19, PacificMas said the external environment remains uncertain and challenging amidst the weakening global economy, rising inflationary pressures, the unresolved sovereign debt problems in Europe, the geopolitical conditions in the Middle East and North Africa and the after-effects of the tsunami catastrophe in Japan.

'Nevertheless, the Malaysian economy is expected to still register favourable growth in 2011, supported by domestic demand, in particular the implementation of various government stimulus programmes/initiatives and improved commodity prices, all of which will benefit the group's investment and lending businesses.

'The group is optimistic of remaining profitable and to deliver satisfactory results in 2011,' it said.

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