Gromutual sees 3Q net profit fall 39% to RM2.213m

KUALA LUMPUR: Gromutual Bhd recorded a drop in net profit of 39% to RM2.21 million compared to RM3.62 million a year ago in its third quarter (3Q) financial statements ended Sept 30, 2010, the group announced on Monday, Nov 29.

Revenue earned during the same period dropped by 22% to RM14.48 million from RM18.66 million a year ago.

The basic earnings per share for the quarter under review dropped to 0.59 sen from 0.96 sen a year ago. The net assets per share increased to 61 sen from 59 sen as at the preceding financial year end.

Gromutual operates in three segments, property development; property management, which includes rental of properties, and others which comprises of operations in investment holdings and sales of oil palm fruits.