Malton Bhd Q1 net profit down by 71.3% to RM4.33 million

Malton Bhd Q1 net profit down by 71.3% to RM4.33 million

PETALING JAYA: Malton Bhd’s earnings sank 71.3% to RM4.33 million in the first quarter ended Sept 30, 2015 from RM15.11 million a year ago, due to higher initial overheads for new projects to be launched and recognition of higher profits arising from the disposal of certain parcels of land in the previous corresponding quarter.

The company said yesterday its revenue fell by 10.3% to RM123.07 million from RM111.59 million a year ago as a result of lower contribution from its property unit due to the completion of Nova Saujana in Saujana Subang and the initial recognition of billings from The Park Sky Residence in Bukit Jalil City, which was launched in July.

However, revenue and profits from the construction and project management division improved due to the initial recognition of billings from Royale Pavilion Hotel project.

Earnings per share were 97 sen compared with 3.55 sen.

It said that the share of results of associated companies during the quarter showed a marginal loss of RM100,000 as compared with a loss of RM200,000 reported in the previous corresponding quarter.

Malton said on-going development projects, namely Bukit Jalil City Signature Shops and The Park Sky Residence in Bukit Jalil and SK One Residence in Seri Kembangan, together with the on-going construction contracts, such as Damansara Town Centre and Royale Pavilion Hotel projects, will continue to contribute positively to the group’s earnings for the financial year ending June 30, 2016.

Barring unforeseen circumstances, the group expects to achieve satisfactory results for the financial year.

— THE SUN

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