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SelProp 4QFY2012 net profit falls

KUALA LUMPUR (Dec 28): Selangor Properties Bhd's (SelProp) net profit for the fourth quarter of the financial year ended Oct 31, 2012 (4QFY2012) fell by RM24.7 million or 56.1% to RM19.3 million, due to losses from its property development segment, investment holdings and Australian operations.

Revenue during the quarter under review was at RM55.9 million, which is RM8.5 million or 13.3% lower from the RM64.4 million recorded in the corresponding quarter last year, due to delay in its property development launches.

Profit before tax, however, increased slightly to RM56.8 million from RM56.6 million in the corresponding quarter.

During the quarter, the group's property investment holding profit before tax surged to RM67 million from RM3.2 million recorded in the fourth quarter of financial year 2011. The higher gross profit was mainly due to revaluation gain of RM34.4 million and gain of RM23.4 million from compulsory land acquisition, SelProp said in a statement to Bursa Malaysia.

"The current investment properties still enjoy high occupancy and will continue to contribute positively to the group," the group said.

For its education business, revenue during 4QFY12 increased by 5.8% to RM30.1 million from RM28.4 million achieved during the same quarter last year while profit before tax increased to RM6.1 million from RM5.3 million.

"The growth in revenue and profit before tax were largely due to the increase in student enrollments into the various campuses in Damansara and Fraser," the group stated.

For the next financial year, SelProp said its property investment and education segments 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. "

"For property development in Bukit Permata and Selayang Mulia, the Group is reviewing its development plan and new launches are expected to be made in 2013," the group stated.

SelProp said for its Damansara Heights land, the proposed development of the land will be designed to provide integration and connectivity with the Mass Rapid Transit (MRT) project.

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