FB posts 20% higher net profit of RM4.15m for 1Q

KUALA LUMPUR: Fajarbaru Builder Group Bhd's (FB) net profit has risen 20% to RM4.15 million for the first quarter (1Q) ended Sept 30, 2010 from RM3.45 million a year ago despite revenue falling by 29.9% to RM28.03 million from RM40.01 million a year ago.

In a filing to Bursa Malaysia on Thursday, Nov 18, the group noted that its consolidated pre-tax and net profit for the corresponding period ended Sept 30, 2009 had been restated to account for a profit guarantee of RM19.01 million due to change in accounting policy.

Following this, its income — which had been previously stated as RM932,000 — had been adjusted and stated as nil. However, its cash flow remains unchanged.
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