Daiman Development achieves 154% increase in net profit for 1Q

KUALA LUMPUR: Daiman Development Bhd recorded a 154% increase in net profit in 1Q2010 of RM5.102 million compared with RM2.008 million in the same quarter a year ago. Revenue for the group increased by 43% for 1Q with RM28.042 million versus RM19.612 million a year ago.

The group, in its listing on Bursa Malaysia on May 21, stated that the increase was mainly due to higher property and building material sales. It also stated that even with a challenging business environment, it expects the financial results of the group for the financial year ending June 30, 2010, to be satisfactory.

Daiman Development’s principal activity is developing residential, commercial and industrial properties. It is also involved in nursery operations and investment holding. Operations are carried out in Malaysia, Australia and British Virgin Islands.