Grand Hoover posts RM6,000 in net profit for 1Q

KUALA LUMPUR: PN1-status group Grand Hoover Bhd has registered a net profit of RM8,000 for its first quarter (1Q) ended Sept 30, 2010 from a net loss of RM6,000 a year ago, underpinned by higher contribution from its trading division.

According to a filing to Bursa Malaysia on Tuesday, Nov 23, the group’s revenue slipped to RM8.04 million from RM8.57 million.

However, its pre-tax profit of RM427,000 for the current quarter is 64% lower than RM1.2 million posted a year ago due to completion of a project in its property division.

The group expected its results to be lean as its new projects will be launched towards the end of the year.

In another announcement, the group announced that it had received a total of RM9.45 million in financial assistance as at Sept 30 to facilitate its ordinary course of business, following its PN 1 status.