News by Sangeetha Amarthalingam

Daiman Development Bhd's net profit for the fourth quarter ended June 30, 2016 (4QFY16) fell 56.36% to RM5.86 million or 2.78 sen per share from RM13.43 million or 6.38 sen per share last year.

UOA Development Bhd's net profit for the second quarter ended June 30, 2016 (2QFY16) surged 80.2% to RM124.2 million or 8.17 sen per share from RM68.9 million or 4.82 sen per share a year ago mainly due to ongoing development projects.

Revenue dropped 12.5% to RM88.7 million in 2QFY16 from RM101.4 million a year ago, its bourse filing today showed.

Sime Darby president and group chief executive Tan Sri Mohd Bakke Salleh said the group withstood the challenging market conditions and exceeded its KPI targets for FY16, despite the uncertainties caused by commodity price volatilities and the economic situation in its key markets.

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.