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Selpro 3Q net profit jumps 319%

KUALA LUMPUR: Selangor Properties Bhd (Selprop) posted RM31.6 million in net profit for 3QFY11 ended July 31, 319% higher than RM7.5 million in the same period last year, due to the recognition profit on the sale of stage two apartments in Australia amounting to RM11.2 million and a foreign exchange gain of RM6 million.

In an announcement to Bursa Malaysia on Thursday, Selprop said the group's revenue rose by 112.5% to RM90.3 million from RM42.5 million a year ago. Its basic earnings per share is 9.19 sen.

For the cumulative nine-month period, it posted a net profit of RM66.8 million against a loss of RM11.3 million a year ago. Its revenue for the nine months rose by 25.3% to RM189 million from RM150.7 million previously.

"Barring unforeseen circumstances, the group's prospects for our Malaysian and Australian operations for the current financial year remain positive," said the property developer.

The company's stock fell five sen to close at RM3.07 on Thursday, Sept 29.

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