Kumpulan Hartanah Selangor 1Q net profit up 188%

KUALA LUMPUR: Kumpulan Hartanah Selangor Bhd records a higher net profit of 188% to RM1.455 million in its first quarter ended March 31, 2010, compared to net profit loss of RM12.810 million posted in the same period last year.

The Group profit before tax for the current quarter under review was RM2.51 million compared to loss before tax of RM15.28 million in the preceding quarter 2009.

In a Bursa Malaysia announcement on May 26, the Group said its 1Q2010 revenue of RM46.33 million, is higher by 389% compared to RM9.46 million in 1Q2009, due to the sale of land.  However, compared to the revenue of RM90.49 million recorded in 4Q2009, it has decreased by 48% mainly due to lower sales value and contribution from property development projects.

“The Group anticipates continued challenges in the property development industry and the 2Q2010 performance are expected to remain challenging. The Group will continue to strive on improving its operational efficiency and development of resources,” it said.

The group added the current land banks would be reviewed for optimum utilization to generate more revenue.

No dividend has been recommended or declared for this financial period.

The basic earnings per share of the Group for the current quarter of 0.32 sen is calculated based on consolidated profit attributable to the owner of the parent of RM1.46 million and number of ordinary shares in the financial year of 450 million.