Bina Darulaman 2Q profit up 4%

KUALA LUMPUR: Bina Darulaman Bhd's net profit for the second quarter ended June 30, 2010 (2QFY10) rose 4% to RM3.25 million from RM3.12 million a year earlier while revenue fell 32% to RM33.81 million from RM49.98 million.

According to a filing with Bursa Malaysia Securities on Monday, July 26, the group recorded basic earnings per share (EPS) of 4.91 sen for 2QFY10 versus 4.72 sen in the same quarter last year. It had net asset per share of RM3.07 as at June 30. No interim dividend was declared.

For the six months to June 30, net profit dipped 30% to RM5.12 million from RM7.35 million a year earlier mainly because of lower demand for quarry products and delay in launching new housing projects.

Revenue for the half-year fell 11% to RM82.67 million from RM92.59 million. EPS stood at 7.74 sen versus 11.11 sen. Bina Darulaman said the shortfall from the quarry and property divisions was compensated to a certain extent by better performance by the construction division.

The stock shed half a sen to 95.5 sen on Monday with 50,800 shares done.