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Selangor Properties FY14 net profit rises 105% to RM198m

KUALA LUMPUR (Dec 29): Selangor Properties Bhd (SPB) posted a net profit of RM30.7 million in its fourth quarter ended Oct 31, 2014, down 10% from RM34.3 million in the same quarter a year earlier.

The fall in net profit translated to lower earnings per share of 8.92 sen for the quarter, compared to 9.99 sen in the year before.

Revenue for the quarter dropped 54% to RM27.2 million, from RM59.7 million in the previous year.

For the financial year ended Oct 31, SPB’s net profit soared 105% to RM198 million, from RM96.6 million; while revenue fell 58% to RM101 million, from RM239.5 million.

Its earnings per share rose to 57.64 sen for the year, from 28.1 sen per share a year earlier.

In its filing with the bourse, the company said its investment holding division posted better profit for the year, mainly due to a gain of RM132.7 million from the disposal of its 51% equity interest in Help International Corp Bhd and its subsidiaries.

Meanwhile, its property development segment posted lower revenue and net profit for the year, due to a delay in new launches.

Going forward, the company expects its operations to remain positive in 2015.

“The property investment sector of the group are expected to remain stable, and will continue to contribute positively to the group. The occupancy rate for Menara Milenium in Damansara Heights and Claremont Shopping Centre in Perth, Australia, remain high,” it said.

Meanwhile, for its property development division, SPB expects new launches in 2015 for its Bukit Permata project.

In a separate announcement, the company said it had undergone a revaluation of its properties, resulting in a surplus of RM27.3 million in the value of its properties.

“This will result in an increase of 7.9 sen in the net asset per share of the group,” said SPB.

As at Oct 31, the company’s net asset per share stood at RM5.94.

SPB closed 6 sen or 1.13% lower at RM5.23, bringing its market capitalisation to RM1.79 billion.

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