Hap Seng posts net profit of RM151.5 million

KUALA LUMPUR: Hap Seng Consolidated Bhd posted a net profit of RM132.67 million for its second quarter (2Q) ended June 30, 2010, on the back of revenue of RM664.5 million.

Comparatively, the company recorded a net profit of RM36.58 million on the back of revenue of RM629.1 million a year ago. Overall, Group net profit the current financial year-to-date at RM172.16 million is 190% higher than the preceding year corresponding period.

The company said on Wednesday, Aug 25 that the property division continues to benefit from the sales of its project D’Alpinia in Puchong, which was launched in the last quarter of the preceding year.

However, operating profit was 64% lower than the preceding year corresponding quarter, which the company attributed to a fair value adjustment of a freehold investment property in the preceding period.

It expects prospects for the current financial year to be influenced by the movements in commodity prices, seasonal yield trend, changes in cropping pattern and the fertiliser prices as well as the competitive trading conditions.

The company declares an interim dividend of 6 sen per ordinary share under the single tier system, in respect of the financial year ending 31 December 2010 will be payable on September 21, 2010 to the shareholders.
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