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Selangor Properties sees higher contribution from education division

KUALA LUMPUR: Selangor Properties Bhd expects bigger contribution from the education division as it seeks to expand its presence locally and abroad by building campuses and also via the franchise arrangement.

Its head of finance Lee Boon Kian said on Wednesday, April 28, work on the first phase of the new main campus for HELP University College in Subang 2, costing RM70 million is expected to start this year.

It is also expanding its education franchise to Cambodia. Currently, HELP International Corp Bhd, which is 51% owned by Selangor Properties, has franchise arrangements in China, Vietnam and Indonesia.

However, property will remain the group's core business going forward, with new launches including the mixed development projects in Jalan Batai and Jalan Semantan in Damansara Heights expected to take off this year.

For FY ended Oct 31, 2009, the education division contributed RM91.63 million or 28.5% of the group's total revenue of RM321.7 million. Property development brought in another RM172.23 million.

Net profit however, was lower at RM40.6 million compared to RM124.3 million previously,as the bottom line last year was dragged down the loss of RM74 million in investment in real estate funds abroad.

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