Selangor Dredging Bhd records higher net profit

KUALA LUMPUR: Selangor Dredging Bhd achieved a higher turnover and net profit of RM62.48 million and RM5.69 million for its first quarter (1Q) ended June 30, 2010, compared with revenue RM48.68 million and net profit RM2.69 million in the corresponding period last year.

The company said on Wednesday, Aug 25 that the better performance is mainly due to to high sales achieved in the newly launched project, Five Stones, located at SS2 Petaling Jaya.

While the company expects the remainder of 2010 to remain challenging, the recent successful launch of Melawati West (80% sold) and Gilstead Two, Singapore (77% sold), showed positive sign of improvement in property market.