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KUALA LUMPUR: Malton Bhd’s net profit rose 47.9% to RM3.646 million in its 3Q ended March 31, 2010, compared with RM1.048 million recorded in the same period last year.
Group revenue decreased by 22.6% to RM64.9 million for the current quarter as compared with RM83.9 million reported in the previous corresponding quarter while pre-tax profit improved by 162.5% to RM6.3 million for the current quarter from RM2.4 million reported in the same quarter last year.
“Revenue from the property development division improved as compared to the previous corresponding quarter resulting from revenue recognition from on-going projects while total revenue from the construction and project management division declined as compared to the previous corresponding quarter due to completion of sizable external projects in mid-2009,” Malton said in a filing to Bursa Malaysia on May 27.
The improved profit was due to higher contributions from the group’s property division, which has a higher margin compared with construction and project management.
Further to the completion of the acquisition of 20% equity interest in Austin Heights Sdn Bhd (AHSB) at the end of the previous quarter, the group recognised the share of results in AHSB amounting to RM0.3 million in the current quarter.
During the quarter under review, the group continued to register favourable take-up rates for launched projects.
“Nevertheless, the operating environment, especially in the property and construction sectors, remains challenging. Barring unforeseen circumstances, the Board of Directors envisages the group to achieve satisfactory results for the current financial year ending June 30, 2010,” Malton said.
