TA Enterprise records higher profit

KUALA LUMPUR: TA Enterprise Bhd posted a net profit of RM33.7 million for its first quarter (1Q2012) ended April 20, 2011, up from the RM22.7 million posted a year ago.

Its revenue also increased to RM174.7 million from RM142.3 million last year, it said in a Bursa announcement on Wednesday, April 29.

Quarter-on-quarter, its revenue and net profit rose from the previous results of RM167.7 million and RM29.1 million respectively.

It attributed its stronger performance to contribution from its stockbroking division TA Global Group's credit and lending, and hotel operations. It is noted that it has higher number of hotels in operation due to its hotel acquisition exercises.

Commenting on future prospect, the group’s stockbroking segment is expected to benefit from the positive sentiments streaming from the continuing strength of the ringgit against the US dollar.

The launch of Azelia Residence and acquisition of Swissotel Kunshan will also contribute positively to its earnings, it said.

However, the group remains cautious in view of the potential economic problems caused by the inflation in the local and overseas markets as well as ongoing economic problems in Europe.

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