Land & General posts profit before tax of RM19.1 million for 3Q

KUALA LUMPUR: Land & General Bhd posted a profit before tax of RM19.1 million for 3QFY2010, compared with RM7.1 million during the corresponding quarter in the previous year. The higher profit was mainly attributed to the foreign exchange gains of RM11 million due to capital distributions from a foreign subsidiary and gain on disposal of asset of RM3.3 million.

According to the company’s statement to Bursa Malaysia on Feb 24, as a result of the gradual recovery of the global and local economy, the group’s performance for the FYE March 31, 2010 will be satisfactory.

The company entered into a Debt Restructuring Agreement on Feb 28, 2002, to settle the amount owing to its financial institution lenders and EURO Convertible Bondholders. Among some of the assets disposed of include 40 units of Villa Puteri Condominiums in Kuala Lumpur and all 302 units of Flinders Wharf Apartments in Australia.