Result within expectation

Highlights:

1QFY10 : Strong start to the year

• Solid results
Sunway reported a 1QFY10 net profit of RM39.9m, inclusive of a derivative gain of RM4.6m arising from the adoption of FRS139. Adjusted net profit of RM35.0m is above expectations, making up 29.8% of house estimates and 30% of consensus estimates. No dividends were declared.

SYDNEY: Australia's construction sector grew at a slower-than-expected pace in the first quarter, as spending by the private sector contracted, backing market expectations that interest rates are on hold this year.

Naim Holdings Berhad

•  Naim’s  1Q10 earnings were  below ours and consensus expectation. Nevertheless, we expect better quarters ahead with continuous contribution from its property division  and recovery from its construction division. 

PETALING JAYA: The government needs to have a review and overhaul of the low-cost housing distribution mechanism to prevent a recurrence of the low-cost housing scandal in Selangor, said Gerakan vice-president A Kohilan Pillay.

KUALA LUMPUR: Bina Puri Holdings Bhd (Bina Puri) recorded a net profit of RM1.707 million for the quarter ended March 31, a 68.2% increase from the preceding year’s corresponding quarter of RM1.015 million. Revenue rose 128.13% to RM298.421 million from the preceding year’s corresponding quarter of RM134.952 million.

KUALA LUMPUR: MK Land Holdings Bhd (MK Land) recorded a 35.5% drop in net profit to RM2.027 million in its third financial quarter ended March 31, 2010 from RM3.131 million in the corresponding quarter a year ago. Turnover dropped 5.1% with RM94.737 million in the current quarter under review versus RM99.781 million in the same period last year.

KUALA LUMPUR: Dijaya Corporation Bhd (Dijaya Corp) acquired the entire issued and paid-up share capital of Autumn Craft Sdn Bhd (ACSB) for a cash consideration of RM2. This newly incorporated dormant company was set up for the purpose of future operations and expansions of Dijaya Corp, the company said in a Bursa announcement on May 25.

KUALA LUMPUR: KSL Holdings Bhd (KSL) recorded a drop in net profit of 5.4% in the first quarter ended March 31,2010 with RM16.069 million compared to RM16.978 in the corresponding quarter a year ago. Revenue, however, increased by 17.1% with the current quarter recording RM53.536 million versus RM45.653 million in the same quarter a year ago.

KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) has recorded a 125% rise in net profit for the first quarter ended March 31,2010 to RM10.358 million from RM4.6 million in the corresponding quarter a year ago. Revenue went up by 54.1% to RM66.218 million in the quarter under review from RM42.969 million in the corresponding quarter last year.