SDB 4Q net profit up 125%

KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) has recorded a 125% rise in net profit for the first quarter ended March 31,2010 to RM10.358 million from RM4.6 million in the corresponding quarter a year ago. Revenue went up by 54.1% to RM66.218 million in the quarter under review from RM42.969 million in the corresponding quarter last year.

For the full-year ended March 31, 2010, the Group achieved a 42.8% increase in net profit to RM234.43 million versus RM164.07 million a year ago. It’s net profit results increased by 4.2% with RM17.962 million from RM17.241 million last year.

The Group said in its statement on Bursa Malaysia on May 25, that the higher turnover and net profit was due to the high sales achieved in the newly launched project, Five Stones in SS2, Petaling Jaya.

SDB also disclosed that for the current quarter the Group registered higher pre-tax profit of RM12.888 million compared to RM6.34 million recorded in the preceding quarter ended December 30, 2009. This was attributed to the successful launch of Five Stones as well as the increase in the fair value of the Group’s investment properties.

Even with such strong results, SDB said it remains cautious for the months ahead due to the uncertain global financial situation.