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SBC Corp's net profit surges to RM2.4m

KUALA LUMPUR: SBC Corporation Bhd saw its net profit surge 60% to RM2.4 million for the second quarter ended Sept 30, 2010 from RM1.5 million a year ago, according to a filing to Bursa Malaysia.

The group posted a higher net profit despite a 21.2% lower revenue of RM20.58 million (compared with RM26.1 million).

Nonetheless, year-to-date, SBC Corp's net profit dropped 14.7% to RM3.6 million from RM4.3 million, underpinned by a 29% fall in revenue to RM34.23 million from RM48.3 million.

The group attributed its lower revenue to the completion of The Peak Suites at Kota Kinabalu a year ago and work on PJX at Petaling Jaya, which was in the final stages.

"However, the new contributor to the group's revenue was from The Peak Vista II, Kota Kinabalu," it said in notes accompanying the results.

"The current economy bodes well for the business sectors, as the government continues to spur economic growth via construction and development projects. In view of this, the board of directors expects the group's future performance to remain positive," it added.
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