Surge in earnings for The Nomad

KUALA LUMPUR: The Nomad Group Bhd’s pre-tax profit for the first quarter ended March 31, surged to RM6.9 million from RM1 million in the previous corresponding period.

Revenue, however, fell to RM17.25 million from RM18.25 million.

The group said the increase in pre-tax profit was mainly due to higher occupancy and average room rates for its hotels and serviced residences, and low operating costs.

The profit from the sale of a piece of land and a nine-storey office building in Indonesia also contributed to a higher pre-tax profit, the group said in a filing with Bursa Malaysia yesterday.

The group expects the business environment in which it is operating now to remain challenging for the 2013 financial year. — Bernama

This article first appeared in The Edge Financial Daily, on May 10, 2013.