OSK Properties posts RM4.09m net profit for 3Q

KUALA LUMPUR: OSK Property Holdings Bhd has posted a net profit of RM4.09 million for its third quarter (3Q) ended Sept 30, 2010, up from a net loss of RM182,000 a year ago on the back of higher revenue, it said in a filing to Bursa Malaysia on Tuesday, Nov 23.

Its revenue increased slightly to RM42.36 million from RM39.72 million a year ago on higher sales registered by all of its projects. Its earnings per share rose to 2.18 sen from losses per share of 0.1 sen a year ago.

Its pre-tax profit rose by 30% to RM8.66 million from RM6.65 million a year ago on higher sales and advanced stages of construction for certain phases in its Sutera Damansara, Bandar Puteri Jaya and Bangi Lakehill Villas projects.

"In view of favourable take-up rates of the group's diverse residential and commercial properties, the Group is optimistic of satisfactory results for the current financial year ending Dec 31, 2010.

"As at Sept 30, 2010, the group has secured sales amounting to RM166.39 million, which will be recognised progressively in the group's financial statements over its construction period.

"The board is confident of the Group's prospects given the success of its various projects. The group has in its pipeline new medium to high-end residential and commercial projects which will be launched over the next 12 months," it said.
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