Talam 2Q revenue up by 22%

KUALA LUMPUR: Talam Corporation Bhd recorded revenue of RM51.36 million, up 22% from a year ago for its second quarter (2Q) ended July 31, 2010.

Net profit for 2Q 2010 stood at RM410,000, compared with RM200,000 posted a year ago.

The company said on Wednesday, September 29 that the higher revenue is due to sale of a parcel of development project land no longer undertaken by the company.

Meanwhile, the higher net profit is attributed to an increase of other incomes, which include income arising from waiver of obligations under a settlement agreement with creditors of RM10.74 million and gain on disposal of certain properties of RM4 million.

It said that the company has completed the Regularisation Plan in the previous financial year and Bursa Malaysia Securities Bhd has on June 10, 2010 approved its application to uplift itself from PN17/2005 status, which will put it in stronger footing to consolidate its operations.

Despite the uncertainty of the property market, it is committed to complete the remaining development projects and expects to handover all sold units this year. Should the need arises, the company will dispose of its excess land to generate cash to meet its obligations.

It also expects to launch new projects once approvals are obtained from the relevant authorities.