Talam posts lower profit in 2QFY10

KUALA LUMPUR: Talam Corporation Bhd posted a lower net profit of RM195,000 in its second quarter ended July 31, 2009 (2QFY10), from RM26.6 million a year earlier, despite receiving significant other income totaling RM19. 48 million.

The company said some RM17.08 million was from liquidated and ascertained damages (LAD) from a contractor for the late completion and delivery of construction work awarded and RM2.4 million being reversal of excessive provision for LAD payable to purchasers, it said in a filing to Bursa Malaysia.

Its revenue dropped 25.27% to RM42 million, from RM56.2 million the previous year, due to lower progress billings generated from developments projects. Its basic earnings per share fell to 1 sen, from 4.14 sen. No dividend was declared.