Bina Darulaman posts 2Q net profit of RM3.25m

KUALA LUMPUR: Bina Darulaman Bhd (BDB) posted a net profit of RM3.25 million for its second quarter (2Q) ended June 30, 2010, up by nearly 4.2% from the RM3.12 million a year ago.

The company said on Monday, July 26 the marginal increase in net profit was despite a 32.3% decline in revenue to RM33.81 million from RM49.98 million a year ago.

Profit before tax (PBT) stood at RM4.16 million, slightly higher than RM4.14 million a year ago. Basic earnings per share (EPS) were 4.91 sen per share versus 4.72 sen a year ago.

For the first half ended June 30, 2010, net profit fell 30.4% to RM5.12 million from RM7.36 million a year ago. Pre-tax profit fell 25% to RM7.4 million from RM9.9 million a year ago and revenue fell 10.7% to RM82.6 million from RM92.6 million.

BDB said the lower earnings due to a decline in demand for quarry products and delay in launching new housing projects.

However, contribution from the group’s construction division compensated for the quarry and property divisions’ poorer performance.

Meanwhile, its 2Q pretax profit was 31.25% higher than RM3.2 million in the 1Q ended March 31, 2010 (1Q). The better on-quarter performance was due to higher profit margins recognised from completed construction projects as well as compensation from the government for land acquired during this quarter.

However, its revenue fell by 31% from RM48.9 million from the previous quarter on lower progress billings.

Net assets per share were 3.07 sen, up from 2.98 sen a year ago. The stock slipped 0.5 sen to close at 95.5 sen from 96 sen, with 50,800 shares done.

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