Ken Holdings posts 54% higher net profit of RM1.79m in 2Q

KUALA LUMPUR: Construction group Ken Holdings Bhd posted a net profit of RM1.79 million in its second quarter ended June 30, 2010 (2Q), up 54% from RM1.16 million a year ago on the back of higher profit margins recorded during the current quarter.

Similarly, its profit before tax (PBT) rose 46% to RM2.4 million from RM1.65 million, the company said on Monday, July 26.

The higher profits came despite its revenue shrinking by 64% to RM5.06 million from RM14.23 million from a year ago.

The group said its Ken Bangsar project, which was officially launched this month, had received good response.

Meanwhile, its residential development Ken Rimba Legian is in progress and is slated to launch in the third quarter of 2010 while its Ken Rimba Commercial Centre is expected to be launched late this year. Both projects are located in Shah Alam.

“Barring any unforseen circumstances, the board of directors is of the view that the group will record favourable performance for the financial year ending December 31, 2010,” it said.

Meanwhile, its basic earnings per share rose to 1.92 sen from 1.23 sen a year ago, while net assets per share rose to 1.26 sen from 1.27 sen.

Its shares were unchanged and untraded at 76 sen.