Selangor Dredging FY12 net up 51%

KUALA LUMPUR (May 25): Selangor Dredging Bhd's net profit for its 4QFY12 ended March grew 34% to RM15.7 million. Revenue declined 17% to RM78.5 million from RM94.7 million a year ago.

The rise in earnings was due to higher work in progress achieved in its development projects and the increase in fair value of its group's investment properties amounting to RM5.42 million.

For FY12, group net profit was up 51% to RM45.7 million while revenue rose 2.4% to RM354.5 million from a year ago.

This story appeared in The Edge Financial Daily on May 25, 2012.