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Tambun Indah 1Q pre-tax profit up 32%

KUALA LUMPUR: Tambun Indah Land Bhd's pre-tax profit increased 32.1 per cent to RM23.98 million for the first quarter ended March 31, 2013, from RM18.15 million in the same period last year.

Revenue rose 18.7 per cent to RM78.32 million from RM65.99 million
previously.

In a statement, the property developer attributed the better performance to strong sales and higher revenue recognition from ongoing projects, whereby its township development, Pearl City in Seberang Prai, contributed 66 per cent to its topline.

Managing Director Teh Kiak Seng said the group's continued success came from the strategic locations of its developments.

On prospects, he said Tambun Indah is poised for continued growth ahead driven by Penang's booming property market. "In the remaining nine months of the year, we will launch projects with a
gross development value (GDV) of RM256.6 million in Penang, allowing us to tap into the property market there.

"We will also launch more projects, with an estimated GDV of RM1.9 billion at Pearl City, between 2014 and 2020," he added. - Bernama

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