KUALA LUMPUR: SHL Consolidated Bhd’s net profit for the fourth quarter ended March 31, 2013 surged 232% to RM11.39 million from RM4.89 million a year earlier.
This was mainly due to the good response to its housing project in Bandar Sungai Long and a newly launched industrial park in Sungai Choh, both located in Selangor.
In a filing with Bursa Malaysia yesterday, SHL Consolidated said revenue for the quarter rose to RM70.22 million from RM12.19 million. Earnings per share was 4.71 sen compared with 2.02 sen a year ago.
For the full year. SHL Consolidated’s net profit increased to RM34.47 million from RM18.37 million on the back of an increase in revenue to RM182.11 million from RM77.92 million previously.
On its prospects, the company said the economy is expected to remain steady with a projected growth of between 5% and 6%.
This is despite the overall global economic landscape continuing to remain challenging and uncertain in the coming years.
“Residential subsector continues to drive the property market in 2013. With the commencement and progress of the mass rapid transit and LRT extensions, it is anticipated that these infrastructure projects will raise the housing prices in the vicinity,” it said.
The company expects its existing and future projects to further enhance its earning in the coming years in line with the continued strong demand for landed properties in the Klang Valley.
This article first appeared in The Edge Financial Daily, on September 13, 2013.