News by Sangeetha Amarthalingam

Rise in net profit was offset by a 33.9% decline in the property sector’s profit to RM5.1 million from RM7.8 million in 3QFY15

Paramount is also finalising plans for the roll-out of its new development on its 8.09ha tract in Batu Kawan, Penang, which carries a gross development value (GDV) of RM1.3 billion over a 10-year period.

Paramount Corp Bhd’s second quarter net profit soared 70% to RM23.9 million or 5.65 sen per share, from RM14.06 million or 3.33 sen per share a year earlier, on higher contribution from its property division.

The trust’s manager declared an interim income distribution of 3.2 sen per unit amounting to RM8.9 million, representing about 76% of the realised distributable net income for the six months ended June 30, 2016 (6MFY16) which would be paid on Sept 14.

Revenue also grew 74% to RM104.33 million, from RM60.01 million.

Penang Chief Minister Lim Guan Eng said the associated costs involving at-grade or street running trams would result in rows of shophouse having to be relocated, which would in turn affect the social fabric of the community.

Jaks, Zelan win Suke contracts.

Gamuda said all terms and conditions of the LoA remain unchanged.

The Gamuda Bhd-led SRS Consortium confirmed that the initial cost of RM27 billion for the Penang Transport Master Plan (PTMP) has ballooned to an estimated RM46 billion, after additional components were added by Seberang Perai Municipal Council (MPSP).

Presenting its alternative PTMP at a press conference yesterday, Penang Forum said building the trams and BRTs would also take less time.