TA Global reports RM30 mil quarterly profit, revenue up 84%

KUALA LUMPUR (Aug 26): TA Global Bhd recorded a net profit of RM30.07 million for its second quarter ended June 30, 2017 on improved results in its investment holding, finance and related services, and hotel operations divisions.

The property developer had reported a net loss of RM9.73 million in the same quarter a year ago.

Quarterly revenue jumped 83.64% to RM225.69 million from RM122.9 million, TA Global said in a filing to the stock exchange today.

Meanwhile, the group recorded a RM94.49 million net profit for the first half of the year, compared to a net loss of RM9.19 million in the previous corresponding period, on better contribution from its finance, property development, and hotel operations divisions.

Revenue for the period is higher at RM462.93 million compared to RM280.68 million a year ago.

Going forward, the group said that it would continue to explore and evaluate opportunities to acquire new hotels or properties to expand its existing portfolio and to enhance revenue contribution from its hospitality business.

While the property development segment is expected to face challenges from a tough outlook, a steady recurring income contribution is expected from its property investment segment.

Shares in TA Global closed unchanged at 40 sen yesterday, giving it a market value of RM1.78 billion. — theedgemarkets.com

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