Gadang swings back to profit in 3Q

KUALA LUMPUR: Builder and property developer Gadang Holdings Bhd's third quarter net profit rose in annual and quarterly terms, as the company raked in more income from its construction unit, and registered lower selling and marketing expenses, besides finance cost.

In a statement to the exchange on Thursday April 29, Gadang said it made a net profit RM4.31 million in the quarter ended February from a net loss of RM2.06 million a year earlier. Revenue rose 42.8 % to RM61.8 million from RM43.29 million.

"The board of directors expects the performance for the financial year to be better than the preceding year," Gadang said.

Cumulative nine-month net profit rose close to fivefold to RM11.68 million from RM2.37 million a year earlier while revenue was up 11.9% to RM182.59 million from RM163.23 million.

On a quarterly basis, Gadang said its net profit climbed 22.4 % from RM3.52 million in the preceding second quarter although revenue fell 1% from RM62.37 million due to lower property sales.