Bandar Raya Developments posts lower pre-tax profit in 3Q

KUALA LUMPUR: Bandar Raya Developments Bhd has posted a lower pre-tax profit of RM3 million in its third quarter (3Q) ended Sept 30, 2010, compared to RM59.3 million in the same period last year.

Revenue declined by 52 per cent to RM127.5 million from RM267.4 million previously, the company said in a filing to Bursa Malaysia on Tuesday, Nov 16.

For the nine-month period, the company's pre-tax profit decreased to RM130.4 million from RM130.6 million previously and revenue dropped to RM468.7 million from RM702.8 million.

Bandar Raya said the drop in revenue in the current quarter was due to the lower contribution from property and manufacturing division.

The property division sold more properties from its new projects in Kuala Lumpur and Johor but there was still little progress income contribution as both projects were at early stages of construction, it said.

It added that the manufacturing division recorded lower revenue due to lower export sales but this was mitigated by higher domestic demand and more sales of value-added products.

For the current financial year, Bandar Raya expects the property division to achieve satisfactory results with the execution of planned development in Kuala Lumpur and Johor. — Bernama