SelProp’s net profit jumps to RM19.4m

KUALA LUMPUR: Selangor Properties Bhd’s (SelProp) net profit for the first quarter ended Jan 31 jumped to RM19.36 million or 5.63 sen a share from RM552,000 in the corresponding period last year. Revenue increased to RM61.07 million from RM52.15 million.

In a filing with Bursa Malaysia, SelProp said the increased earnings were due to higher occupancy rates and lower interest in the property investment holding.
“The current investment properties still enjoy high occupancy rates and will continue to contribute positively to the group,” it said.

SelProp said the higher revenue and pre-tax profit in its education division were largely due to the rise in student enrolments in the Damansara and Fraser Business Park campuses.

On the 2013 financial year prospects, the group said its property investment and education sectors are expected to remain stable and will continue to contribute positively.

“The occupancy rates for Menara Millenium in Damansara Heights and Claremont Shopping Centre in Perth, Australia, remain high,” SelProp said.

It said the company is reviewing the development plans in Bukit Permata and Selayang Mulia and new launches are expected this year.

The proposed development of the group’s land in Damansara Heights  will be designed to provide integration and connectivity with the mass rapid transit project, it said.

“The group expects operations in Malaysia and Australia to remain positive,” SelProp said, adding that its profit will be subject to fluctuations in currency. — Bernama


This article first appeared in The Edge Financial Daily, on March 26, 2013.

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