SDB registers higher profit before tax of RM6.34 million for 3Q

KUALA LUMPUR: Selangor Dredging Bhd (SDB) registered a higher profit before tax of RM6.34 million in its third quarter ended Dec 31, 2009 compared with RM3.53 million recorded in the preceding quarter.

In an announcement to Bursa Malaysia on Feb 23, SDB said the higher profit was mainly attributed to high sales achieved in its newly launched project, Five Stones in SS2 Petaling Jaya in Selangor.

For the nine months ended Dec 31, the Group achieved a higher turnover but a lower net profit of RM168.21 million and RM7.60 million compared with RM121.10 million and RM12.64 million in the corresponding period last year.

The higher turnover is due to sales from its Five Stones project while the lower net profit is mainly attributable to a revaluation surplus of RM22.94 million in investment properties last year.

SDB said the Group will continue to adopt a cautious approach in view of uncertain market conditions, with the outlook for the remainder of FY2010 expected to be challenging. However, there are positive signs of market improvement with the recent pickup in sales of properties.