Paramount Corp profits rise to RM25.73m

KUALA LUMPUR: Paramount Corp Bhd recorded net profit of RM25.73 million for its second quarter (2Q) ended June 30, 2010, a 44% increase from RM17.91 million recorded a year ago, mainly due to contributions from the Kemuning Utama project and higher margins recorded by construction.

Its revenue for the quarter rose to RM128.7 million compared with RM105.4 million recorded a year ago.

Its earnings per share was 22.66 sen, compared with 16.58 sen a year ago.

In its filing to Bursa Malaysia on Thursday, Aug 19, the group said that it expects the remaining six months of the year to be good given the buoyant property market and the lock-in unbilled sales brought forward.

“Furthermore, the expansion plans for the educational services division that began in the 2H2009 will continue well into 2010/2011. As a result, the performance of the division for the year would be affected by the on going upgrading and expansion plans,” the company said.