Selangor Prop records profit before tax of RM12.3 million for 1Q2010

PETALING JAYA: Selangor Properties Bhd recorded a Group profit before tax of RM12.3 million for the first quarter ended Jan 31, 2010 (1Q2010), compared with RM5.6 million in the preceding year’s corresponding quarter ended Jan 31, 2009.

The increase in profit was mainly due to the write back of provision for investment in real estate funds, said Selangor Properties in a Bursa Malaysia listing on Wednesday March 24.

However, profit before tax in the previous quarter ended Oct 31, 2009 (4Q2009), was much higher at RM45 million. The higher profit in the preceding quarter was due to the profit recognition of RM21.5 million from the sale of Claremont Apartment in Perth and higher profit from Malaysian property developments, the Group said.
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