Malton falls 3.09% on poor 1Q earnings

KUALA LUMPUR (Nov 19): Shares of Malton Bhd fell 3.09% this morning after the company posted a 71.34% on-year decline in net profit in its first financial quarter ended Sept 30, 2015 (1QFY16) to RM4.33 million from RM15.11 million last year, because of higher initial overheads for new projects to be launched and recognition of higher profits arising from the disposal of certain parcels of land in the previous corresponding quarter.

At 9.51am, Malton fell 2.5 sen to 78.5 sen with 295,200 shares traded.

Malton's revenue came in 10.3% higher at RM123.08 million from RM111.59 million a year earlier, driven by its construction and project management division, its Bursa filing showed.

On prospects, Malton said its ongoing development projects and other construction contracts in hand will contribute positively to its earnings for the financial year ending June 30, 2016 (FY16).

Malton is currently undertaking the development of Bukit Jalil City Signature Shops and The Park Sky Residence in Bukit Jalil, Kuala Lumpur, and the SK One Residence in Seri Kembangan, Selangor. -- theedgemarkets.com

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