Paramount Corp's net profit improves to RM15.69 million in 1Q 2010

KUALA LUMPUR: Paramount Corporation Bhd (PCB) has recorded a net profit of RM15.69 million for 1Q 2010, an increase from the previous corresponding quarter of RM8.99 million. Revenue for 1Q2010 was RM102. 3 million compared with the preceding year’s corresponding quarter of RM83.4 million.

In a Bursa Malaysia announcement on May 20, the property developer said the growth in profit and revenue came from the Surian Industrial Park (SIP) development in Kota Damansara. Construction and educational services also contributed to the growth.

The Group looks to continue expansion plans for the educational services division that began in 2H2009. As a result, the performance of the division for the year would be affected due to the budgeted costs for the ongoing upgrading and expansion plans.

PCB is an investment holding company and through its subsidiaries, focuses in four business segments namely, property investment, property development, construction and education