KUALA LUMPUR: TA Global Bhd's net profit for 3QFY11 ended Oct 31 has more than doubled to RM38.75 million from RM17.11 million a year ago mainly due to higher contribution from the hotel division as a result of its recent acquisition exercise.

In a filing to Bursa Malaysia on Tuesday, Dec 14, the group said the higher profit was also attributed to fair value gain arising from acquisition of subsidiaries in the current quarter.

Revenue for TA Global in 3QFY11 rose 46% to RM121.41 million from RM83.39 million previously while reporting basic earnings per share of 0.73 sen versus 0.36 sen. TA Global is the property and hospitality arm of stockbroker and developer TA Enterprise Bhd. TA Global's net assets per share stood at 40 sen as at Oct 31.

The group registered a pre-tax profit of RM47.5 million in 3QFY11 compared with a pre-tax profit of RM8 million in the preceding quarter.

For the nine months ended Oct 31, TA Global's net profit jumped 74% to RM64.73 million from RM37.24 million on the back of an improved revenue of RM295.97 million versus RM219.26 million.

Meanwhile, TA Enterprise's net profit for 3QFY11 ended Oct 31 dipped 9% to RM15.97 million from RM17.58 million a year ago while riding on a stronger revenue of RM153.29 million versus RM118.22 million.

TA Enterprise said at the pre-tax level, it recorded a profit of RM36.45 million for 3QFY11 from RM23.23 million a year ago, thanks to higher contribution from TA Global.

On a quarter-to-quarter basis, TA Enterprise said the increase in pre-tax profit from RM12.08 million in 2QFY11 was mainly due to the increase in contribution from hotel and stockbroking operations and higher foreign exchange translation gain.

Shares of TA Global on Tuesday dropped 1 sen to close at 44 sen while that of TA Enterprise rose one sen to 76 sen.
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