Selangor Properties Bhd’s Q4 net profit jumps to RM484 million

Selangor Properties Bhd’s Q4 net profit jumps to RM484 million

PETALING JAYA, Dec 29: Selangor Properties Bhd’s net profit surged more than 16-fold to RM483.82 million for the fourth quarter ended Oct 31, 2015, compared with RM29.51 million in the previous corresponding period, mainly due to foreign exchange gain, and fair value gain on the revaluation of properties of RM17.2 million.

Its revenue was up 3.09% from RM27.2 million to RM28.04 million.

Selangor Properties has proposed to declare a single-tier first and final dividend of 50 sen per share, comprising 12 sen ordinary dividend and 38 sen special dividend.

In a filing with the stock exchange, the property developer said it expects the property investment business to remain stable, with the occupancy rates for Menara Milenium in Damansara Heights and Claremont Shopping Centre in Perth, Australia remaining high.

For the property development in Bukit Permata, a new phase was launched on Dec 12. Meanwhile, the company is reviewing its development plan for the remaining land.

Meanwhile, the proposed development of the company’s land in Damansara Heights is in its initial planning stage with considerations on designs, which will provide integration and connectivity with the surrounding Mass Rapid Transit project.

Barring unforeseen circumstances, Selangor Properties expects the operations in Malaysia and Australia to remain positive in 2016.

For the full financial year, Selangor Properties’ net earnings grew nearly three-fold from RM198.05 million to RM593.68 million on the back of a 1.87% drop in revenue from RM100.99 million to RM99.09 million.

— THE SUN

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