Talam Corp records lower pre-tax profit of RM10.59 million in 4Q2010

PETALING JAYA: Talam Corp Bhd recorded a 25.27% drop in pre-tax profit of RM10.59 million for its fourth quarter ended Jan 31, 2010 (4Q2010), compared with RM14.17 million achieved in the same period last year.

In a filing to Bursa Malaysia on March 25, Talam said the reported profit of the preceding year’s corresponding period was higher mainly because of the reversal of finance cost upon completion of restructuring and settlement of overdue debts under the Regularisation Plan.

The group recorded revenue of RM72.88 million for the current quarter, which is a decrease of 49.36% over the corresponding quarter of the preceding year. Talam said this was mainly due to lower progress billings generated from development projects during the current quarter under review.

The group recorded lower revenue of RM250.98 million for the financial year ended Jan 31, 2010, a decrease of 16.70% compared with the preceding year of RM301.28 million.

Meanwhile, group pre-tax profit for the current financial year amounted to RM20.12 million, which is 66.67% lower compared with the RM60.56 million achieved in the preceding year.

The Group will continue to complete the balance of development projects and dispose of land and properties which are in excess to the group’s requirements, to generate cash and settle long outstanding liabilities.

“The group will also launch new projects once approvals have been obtained from the relevant authorities,” it noted.