Mulpha Land ends financial year with net profit of RM711,000

KUALA LUMPUR: Mulpha Land Bhd closed its financial year ended December 31, 2010 (FYE 2010) with a net profit of RM711,000 on the back of revenue of RM18.6 million.

Comparatively, its revenue and net profit for FYE 2009 were RM13.5 million and RM4.6 million respectively, the company said on Wednesday, Feb 23 in a Bursa announcement.

For its fourth quarter ended (4Q 2010), the company posted a net profit of RM150,00 on the back of revenue of RM4.7 million.

Its improved revenue for FYE 2010 was attributed to stronger sales of the development property at Nibong Tebal in Penang. However, its profit declined as the corresponding year's profit included higher income recognised from the release of accrued development costs no longer required on completed properties and higher miscellaneous income.

For its fourth quarter ended (4Q 2010), the company posted a net profit of RM150,00 on the back of revenue of RM4.7 million.

No dividend was recommended for FYE 2010. The company expects a satisfactory performance for FYE 2011, barring any unforeseen circumstances.