Saturday, May 28, 2011

Tradewinds Corp 1Q net profit slumps 22% to RM13.12m

KUALA LUMPUR: Tradewinds Corp Bhd saw its first quarter earnings decline by 21.9% to RM13.12 million from RM16.82 million a year as it was impacted by lower rental from the PROPERTIES [] division and lower investment income.

It said on Friday, May 27 a drop of 18.5% on profit before tax was mainly due to higher finance costs and lower share of associates' results.

Revenue was 1.7% lower at RM123.11 million compared with RM125.24 million. Earnings per share were 1.19 sen compared with 1.52 sen.

Tradewinds Corp said it expected the performance of the hotel division would not show improvement compared to 2010 due to the refurbishment being carried in certain hotels. But it expected the renovation to be benefit the group in the medium term.

'The investment properties' performance will be affected as the group is embarking on the redevelopment of Menara Tun Razak and CONSTRUCTION [] of a new tower block. The redevelopment, however, will have positive impact in the longer term,' it said.

No comments:

Post a Comment