Mutiara Goodyear records pre-tax profit of RM41m

KUALA LUMPUR: Main Market-listed Mutiara Goodyear Development Bhd has achieved a pre-tax profit of RM40.8 million on the back of revenue of RM125.6 million in its first quarter results for the financial year ended Dec 31, 2011.

The performance was due to the completion of Prima Avenue, a contemporary commercial centre at Dataran Prima, Petaling Jaya, said executive chairman Hamidon Abdullah in a statement on Monday, May 23.

"We have successfully delivered Prima Avenue ahead of schedule. We are excited to launch our next project Nadayu 28 in Bandar Sunway, consisting of high rise residential and shop offices soon. The development carries a gross development value (GDV) of RM425 million.

"We expect strong take-up rates due to the location and our track record in delivering high quality properties. This is also in tandem with the robust outlook of the property industry," he said.

"Moving ahead, our earnings will be largely driven by the stream of property launches lined up. We also expect our financial position to continue improving in the next quarter and in the year ahead," Hamidon added.

Mutiara has proposed a dividend of 3.5 sen and is subjected to the shareholders’ approval in the company’s upcoming AGM on June 10.

Mutiara Goodyear is an established property developer with prominent developments in prime locations such as the Klang Valley and Penang. With a track record of over 35 years in the industry, Mutiara has vast experience with various types of commercial and residential developments.

Mutiara has scheduled several projects in the pipeline. These include Nadayu 290 featuring high-end condominium units and villas on Penang Island; Nadayu 28; the remaining phases of Nadayu Melawati, an exclusive development of bungalows, superlinks and semi-detached homes; and high-rise residential units in Cyberjaya.