• In a statement on May 31, the developer said the figure was lower than the RM8 million it recorded a year earlier, primarily due to the expense of RM3.5 million incurred from the group’s employee share scheme.
  • It said excluding this, core profit for the quarter came in at RM10.5 million.

KUALA LUMPUR (June 1): NCT Alliance Bhd posted a net profit of RM7 million for its first quarter ended March 31, 2023.

In a statement on May 31, the developer said the figure was lower than the RM8 million it recorded a year earlier, primarily due to the expense of RM3.5 million incurred from the group’s employee share scheme.

It said excluding this, core profit for the quarter came in at RM10.5 million.

Profit before tax stood at RM9.3 million, while revenue increased by 7% to RM55 million from RM51 million in the same quarter last year.

NCT executive chairman and group managing director Datuk Seri Yap Ngan Choy (pictured) said the group has continued to see positive contributions from its flagship developments, the Grand Ion Majestic, as well as its high-rise project, Acacia Residences.

“In tandem with evolving demand, these two projects have been very well received due to [their] strategic location and appealing offerings that attract a wide range of buyers. We look forward to the continued success of these key developments in the coming quarters,” he said.

NCT said it had appointed Yap Chui Fan as an independent non-executive director, effective May 31, 2023, following the resignation of Cheong Kee Yoong after a 15-year tenure.

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