Kumpulan Hartanah Selangor records 188% jump in net profit in 1Q FY2010

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

In a Bursa Malaysia announcement on May 26, the Group said revenue was RM46.33 million, up 389% from RM9.46 million in 1Q 2009 due to the sale of land.  However, compared with the revenue in 4Q2009, it was down 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 is expected to remain challenging. The Group will continue to strive on improving its operational efficiency and development of resources,” it said.

The group added that the current land bank would be reviewed for optimum utilization to generate more revenue. No dividend has been recommended or declared for this financial period.