Malton Bhd sees 208.8% increase in pre-tax profit for 2QFY2010, but lower revenue

KUALA LUMPUR: Malton Bhd recorded a 208.8% jump for its pre-tax profit for its 2QFY2010 (FYE June 30, 2010) to RM10.5 million compared with RM3.4 million in the previous corresponding quarter. The group’s revenue, however, decreased by 13% to RM116.3 million for the same quarter compared with RM133.6 million in the previous corresponding quarter.

In its statement to Bursa Malaysia on Feb 22, it stated that the revenue from the property development division improved compared with the previous corresponding quarter due to revenue recognition from on-going projects. However, total revenue from the construction and project management division declined due to the completion of sizeable external projects in mid-2009.

Improved profits were attributed to good take-up rates from on-going projects such as Amaya Saujana, and a nearly 100% take-up from Pearl Villas and Bayu Villas.

The developer also completed the acquisition of a 20% equity interest in Austin Heights Sdn Bhd at the end of previous quarter, amounting to RM500,000 in the current quarter.