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Ireka Corp posts profit before tax of RM8.16 million

KUALA LUMPUR: Ireka Corp Bhd posted profit before tax of RM8.16 million for FY2009, compared with RM2.826 in the previous financial year.

According to the group’s statement to Bursa Malaysia on Feb 25, the lower prices for steel bars and other construction materials contributed to better profit margins for current construction projects.

The group expects turnover to increase in the current financial year for its construction segment based on existing works on hand. Management fee income from property development management is expected to continue declining, caused by lower net tangible assets of Aseana Properties Ltd (ASPL). The global economic crisis also affected the performance of real estate markets in Malaysia and Vietnam, where ASPL operates in. However, the conditions in both markets are expected to improve, it said.
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