Merge Housing records 98.5% drop in net profit in 1Q

KUALA LUMPUR: Merge Housing Bhd recorded net profit of just RM2,000 for its first quarter ended Aug 31, 2010, a 98.5% drop from RM138,000 recorded a year earlier.

In its filing with Bursa Malaysia on Monday, Oct 25, the Group also announced a dip in revenue by 86.92% to RM1.513 million from RM11.571 million a year ago.

“The substantial decrease was essentially due to the slowdown in site progress and no further new launches during this quarter,” the Group said.

The basic earning per share dropped to 0.00 sen from 0.09sen a year ago. The net asset per share remained at RM1.12.

Merge Housing Bhd operates in four segments: realty with sales of both residential and commercial properties; property development — residential and commercial properties; construction; and investment holding.

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