Selangor Properties records net profit of RM51.89m

KUALA LUMPUR: Selangor Properties Bhd (SPB) posted a net profit of RM51.89 million for its financial year ended Oct 31, 2011(FYE 2010) on back of revenue of RM203.04 million.

Comparatively, SPB posted a net profit of RM40.53 million on the back of revenue of RM321.70 million for its FYE 2009. For its fourth quarter ended Oct 31, 2010, SPB recorded a net profit of RM57.03 million, compared to RM39.44 million recorded a year ago.

The main contributors are from property development, investment properties and education, while the higher profit in the current year was due to the revaluation surplus of RM29.7 million on its investment properties, it said in a Bursa announcement on Dec 23.

The valuation was conducted by VPC Alliance (KL) Sdn Bhd on Oct 31, 2011 and the assets were valued at RM520.1 million. This will result in an increase of 7.9 sen in the net asset per share of SPB.

SPB proposed a final dividend of 10% less 25% tax, amounting to RM25,771,257 (or 7.5 sen per share) to be distributed at a later date.