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TA Global post RM23.5 million profit in 4QFY2011

KUALA LUMPUR: TA Global Bhd posted a net profit of RM23.5 million in the fourth quarter (4Q) for the financial year ended Jan 31, 2011 — an increase of 5% compared to RM22.3 million in the same period a year ago due to higher contribution from the hotel division as a result of TA Global's hotel acquisition exercise.

In a filling to Bursa Malaysia on Friday, Mar 25, TA Global reported a revenue of RM127 million, compared to RM74.5 million in the preceding year's corresponding quarter. Earnings per share stood at 44 sen, compared to 46 sen a year earlier.

For the whole year under review, the company posted a net profit of RM88 million, compared to RM59 million in FY2010. Revenue in FY2011 was at RM423 million, an increase of 44% from RM293 million in FY2010.

Earning per share stood at 1.73 sen in FY2011, compared to 1.23 sen in FY2010.

It said that the local property market is buoyant with increased number of property transactions this year, with the recently launched Ativo Plaza @ Damansara Avenue, Sri Damansara achieving "excellent" sales.

"The soon-to-be-launched Azelia Residence at the same location has also received overwhelming interest and enquiries from potential purchasers," it said in the statement, adding that the hotel operations, especially Swissotel Merchant Court Hotel in Singapore have shown significant improvement in revenue and profit.

On future prospects for the next financial year ending Jan 31, 2012 the company said that its expects to perform satisfactorily.

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