Sunday, November 22, 2009

Plenitude posts lower profit for 1Q10

started its financial year ending June 30, 2010 on a lower note compared with the previous year. Net profit declined 11% year-on-year to RM11.74 million for its first quarter ended Sept 30 (1Q10). Revenue was down 14% to RM57.95 million for the quarter.In a statement to Bursa Malaysia last Thursday, the company noted that the group’s lower financial results were mainly due to lower progressive profit recognised on PROPERTIES sold, completed and handed over.It said the progressive profit recognised on properties handed over were in respect of, among others, Taman Desa Tebrau in Johor, Taman Putra Prima in Selangor, Bandar Perdana in Kedah, The Residences and Changkat View in Sri Hartamas, Kuala Lumpur and Bayu Ferringhi in Penang.It noted that "based on the group’s commitment on timely completion of the ongoing projects, the board of directors is fairly optimistic that the group would be able to continue to record satisfactory results for the current year ending June 30, 2010".The stock closed unchanged at RM2.75 last Thursday.


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