Metro Kajang net profit eases 91.32% in 2Q FY2010

KUALA LUMPUR: Metro Kajang Holdings Bhd’s net profit eased 91% to RM682,000 in its second financial quarter ended March 31, 2010 from RM7.86 million in the same period last year.

The Group’s revenue for the current quarter decreased by 21% to RM63.0 million compared with RM79.7 million in the preceding year’s corresponding quarter.

The profit before tax decreased by 90% to RM1.0 million compared to the preceding year‘s corresponding quarter of RM10.1 million due principally to lower profit contribution from the property and construction division following the completion of certain ongoing projects.

“The Board of Directors is confident that the group will achieve satisfactory results for the financial year ending Sept 30, 2010,” it said.

In mid-January 2010, the group’s newly launched residential development project in Bandar Teknologi, Kajang known as Hill Park Home has received overwhelming response with locked-in new sales of RM60.0 million as at April 30, 2010 representing more than 75% of the units launched.

As at March 31, 2010, the group has locked-in unbilled sales value of RM77.0 million from which attributed sales revenue and profits will be recognized progressively as their development percentage of completion progresses.

The group is in the midst of planning a high-end residential development and a new township development in Kajang and these two projects are targeted to launch by end September 2010.