Talam Corp 1Q net profit drops 30%

KUALA LUMPUR: Talam Corporation Bhd's (Talam Corp) net profit for its first quarter ending April 30, 2010 dropped 30% to RM1.6 million from RM2.2 million the previous year, it said in a filing to Bursa Malaysia on Wednesday, June 30.

Its revenue meanwhile dropped 62% to RM23.3 million from RM61.4 million a year ago.

The Group said that the profits was due to monies included in other income, which arose from the waiver of obligations under a settlement agreement with creditors.

“The lower revenue reported is mainly attributable to lower progress billings generated from the development projects during the current quarter under review,” Talam Corp said.

The basic earning per share dropped to 0.06 sen from 0.13 sen a year ago. Net assets per share also dropped to RM0.26 from RM0.31 the previous year.

The Group stated that it has completed the Regularisation Plan in the previous financial year, and Bursa Malaysia Securities had on June 10 approved  Talam Corp’s application to uplift itself from PN17/2005 status.

Talam Corp is an investment holding company that engages in property investment, management, and development.