Country Heights Holdings posts 38% revenue increase to RM65 million for 4Q2009

KUALA LUMPUR: Country Heights Holdings Bhd posted a 38% revenue increase to RM65 million for 4Q2009, from RM47 million in 4Q2008. The group recorded a profit before tax (PBT) of RM16.3 million for 4Q2009 against a loss of RM7.8 million for 4Q2008.

In its statement to Bursa Malaysia on Feb 25, the higher revenue and PBT were mainly attributed to improved sales from its property development division. It said the property sales in Country Heights Damansara continue to contribute favourably to the group’s profitability.

Its property development division had locked in sales of completed properties amounting to RM34.1 million, with gross profit of RM20.4 million in 4Q2009, but they were not recognised in FY2009.

A number of new project launches are planned for 2010, with a continued emphasis on the sales of existing inventories by the group’s property development division. The group remains focused on its core activities – property development and investment; and hospitality, leisure and health.