Land & General posts 3Q net profit of RM7.39 million

KUALA LUMPUR: Land & General Bhd recorded a net profit of RM7.39 million for its third quarter (3Q 2010) ended December 31, 2010 (3Q 2010), up from the RM5.38 million posted a year ago.

It generated a revenue of RM14.08 million for 3Q 2010, compared to RM9.74 million posted a year ago, it said on Thursday, Feb 24 in a Bursa announcement.

Better performance from the property and education sectors have boosted its year-to-date (y-t-d) revenue to RM28.42 million from RM24.10 million in the preceding y-t-d. However, despite the improved revenue and a net gain of RM8.9 million arising from the implementation of FRS 139, its y-t-d net profit of RM13.43 million is lower than the preceding y-t-d net profit of RM16.76 million.

This was attributed to the gains recognised from the sales of asset classified as held for sale of RM3.3 million and the realised foreign exchange gains of RM11 million as a result of the capital distributions from a foreign subsidiary.

It expects its prospect for the remaining quarter to improve further given the progress of existing projects including the launch of its new joint venture project, The Elements in Ampang.

No dividend was declared for the financial period under review.

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