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Grand Central’s 2Q net profit down 64%

KUALA LUMPUR: Grand Central Enterprises Bhd's provision of limousine services and hotel management services recorded a second quarter net profit of RM1.1 million, dropping 64% compared to RM3.2 million recorded for the same period last year. The drop was due to lower occupancy rates in its hotels.

The company on Tuesday, Aug 10, posted revenue of RM10.3 million, a drop of 23.6% from RM13.5 million recorded in the same period a year ago. Earnings per share stood at 0.58 sen compared to 1.64 sen a year ago.

For the first half of the financial year, its net profit dropped to RM1.17 million compared to RM4.9 million for the same period last year. Revenue also dropped to RM18.5 million compared to RM24.6 million a year earlier.

The company expects the performance of the group to remain difficult for the rest of the financial year.
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