Paramount Corp records 32% increase in profit before tax for FY2009

KUALA LUMPUR: Paramount Corp Bhd saw a 32% increase in profit before tax (PBT) for its FY2009, compared with the previous year, to RM79.3 million on the back of revenue amounting to RM404.9 million.

In its statement to Bursa Malaysia on Feb 24, the main contributor to the increase was its property division, with the strong sales at Kemuning Utama in Shah Alam and Surian Industrial Park in Kota Damansara in Petaling Jaya. The company’s property division also recorded a gain of RM4.7 million from the disposal of a piece of commercial land.

The group posted a 1.4% PBT increase to RM22 million for 4Q2009, compared with RM21.7 million in the preceding quarter. The major contributor to this increase was Paramount Corp’s construction sector.

On the group’s prospects for the year, Paramount Corp expects some satisfactory results, given the buoyant property market and its substantial lock-in of unbilled sales as at Dec 31, 2009. “Revenue for the educational services division is expected to grow, but due to costs budgeted for the ongoing upgrading and expansion of the division, profitability is expected to be maintained,” it said.
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