Mulpha Land’s FY2009 profits rise despite revenue decline

KUALA LUMPUR: Mainboard-listed property developer Mulpha Land said full financial year profits rose to RM4.5 million from RM1.44 million a year earlier on the back of decreased revenue to RM13.5 million from RM15.16 million for the financial year ending Dec 31, 2010.

In a statement to Bursa Malaysia on Feb 23, the company said this was due to exceptional income items related to profit guarantee income received from a former director and write back of Late Ascertained Damage expense of prior years no longer required.

The statement also said that this was caused by the difference in the housing product mix sold and cost adjustment income on completion of development properties.

Basic yearly earnings per share more than doubled to 7.44 sen from 2.38 sen in the previous financial year.

Meanwhile, profits after tax for the fourth quarter were flat at RM1.50 million from RM1.53 million; and revenue registered almost halved to RM2.63 million from RM4.01 million in the same quarter of the previous financial year. Basic quarterly earnings per share were also almost flat at 2.48 sen from 2.54 sen.

The company said it expects prospects for the financial year 2010 to be “satisfactory” barring any unforeseen circumstances.