Wednesday, November 16, 2011

Malton 1Q earnings double to RM12m, boost from on-going projects

KUALA LUMPUR (Nov 16): MALTON BHD []'s earnings jumped 118% to RM12.11 million'' in the first quarter ended Sept 30 from RM5.54 million a year ago, boosted by an improvement in the property development division from a year ago.

It said on Wednesday that revenue rose 44.3% to RM99.27 million from RM68.78 million while earnings per share were 2.90 sen versus 1.59 sen. Malton said pre-tax profit improved by 111.4% to RM16.7 million from RM7.9 million.

'Revenue and profit from the property development division improved as compared to the previous corresponding quarter due to recognition of income from on-going projects with good take-up rates and new launching of Amaya Maluri project during the second quarter of last financial year.

'Total revenue and profit from CONSTRUCTION [] and project management division also improved as compared to the previous corresponding quarter due to construction progress of external projects,' it said.

However, the revenue declined from the preceding quarter's RM167.9 million. It said the 40.1% decrease was mainly due to lower billings from property development division following the completion of Amaya Saujana project in last financial year and completion of Mutiara Indah Phase 3A, Azures and 48 units shop in Bukit Rimau and near completion of V Square and The Grove projects.

The group recorded a pre-tax profit of RM16.7 million for the current quarter versus RM33.3 million in the immediate preceding quarter.

'The lower pre-tax profit for the current quarter was mainly due to corresponding reduction in revenue in the current quarter as compared to the last quarter,' it said.

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