KUALA LUMPUR: KUMPULAN EUROPLUS BHD [] posted net profit RM998,000 for the first quarter ended April 30, 2011 compared to net loss RM3.39 million a year earlier, due mainly to disposal of shares (short term investments) and redemption of financial instruments by its associated company TALAM CORPORATION BHD [].
Revenue for the period fell 29.28% to RM6.25 million from RM8.84 million in 2010 due to lower billings by its manufacturing and CONSTRUCTION [] divisions and also due to the disposal of its 60.4%-owned subsidiary, Kekwa Indah Sdn Bhd in June 2010.
Earnings per share was 0.20 sen while net assets per share was 18.95 sen.
Reviewing its performance on Friday, June 17, Kumpulan Europlas said the long term viability of the West Coast Expressway project would further enhance its earnings.
It said negotiations on the detailed technical and financial terms of the concession agreement would be completed within six months from Jan 31, 2011 when its 64.2%-subsidiary West Coast Expressway Sdn Bhd received the approval in principal for the project.
On the Canal City project that was terminated on August 31 last year, the company said the Selangor state government had agreed to compensate Canal City Construction Sdn Bhd (CCC) by alienation of 1,877.87 acres of land to CCC's holding company, Radiant Pillar Sdn Bhd (RPSB).
It said RPSB, which is 50%-owned by the company, intends to launch property development projects when planning approval is obtained and market condition permits.
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Revenue for the period fell 29.28% to RM6.25 million from RM8.84 million in 2010 due to lower billings by its manufacturing and CONSTRUCTION [] divisions and also due to the disposal of its 60.4%-owned subsidiary, Kekwa Indah Sdn Bhd in June 2010.
Earnings per share was 0.20 sen while net assets per share was 18.95 sen.
Reviewing its performance on Friday, June 17, Kumpulan Europlas said the long term viability of the West Coast Expressway project would further enhance its earnings.
It said negotiations on the detailed technical and financial terms of the concession agreement would be completed within six months from Jan 31, 2011 when its 64.2%-subsidiary West Coast Expressway Sdn Bhd received the approval in principal for the project.
On the Canal City project that was terminated on August 31 last year, the company said the Selangor state government had agreed to compensate Canal City Construction Sdn Bhd (CCC) by alienation of 1,877.87 acres of land to CCC's holding company, Radiant Pillar Sdn Bhd (RPSB).
It said RPSB, which is 50%-owned by the company, intends to launch property development projects when planning approval is obtained and market condition permits.
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