Plenitude sees 126% jump in net profit for 2Q10

PETALING JAYA: Plenitude Bhd posted a significant jump for its net profit to RM23.1 million in its second quarter ended Dec, 31, 2009, a 126% surge from the previous year’s corresponding quarter.
Its revenue soared 202% to RM109.4 million against the previous year’s corresponding quarter.
In a statement on Feb 23, Plenitude’s executive chairman Chua Elsie said the strong demand and return of consumer confidence in the property market has benefited Plenitude, particularly for properties in Puchong, Johor and Penang, which contributed substantially to the quarter’s performance.
“Our maiden luxury project in Penang, Bayu Ferringhi enjoyed great demand and to date, only a few bumiputra units of the condominium are available” she said.
The subsequent launch of the 2½-storey semi-detached homes in November 2009 also garnered much interest and sales.
“During this reporting quarter, our development in Puchong, namely Taman Putra Prima, also did exceptionally well,” she said.
The high demand for Plenitude’s new launch, Phase 8A in Taman Putra Prima, which consists of 197 units of 2-storey terraced houses set a record sale for its subsidiary, where all the units were sold out within two months from the launch date.
“The commercial developments of 2- and 3-storey shopoffices have been sold out. We are of course extremely excited and driven by these developments,” added Chua.
The sales of its townships in Sungai Petani, Kedah and Taman Desa Tebrau, Johor also continued to rise.
Chua said the attractive low interest rates offered by banks have also supported the increase in sales.
“Plenitude’s continued strategy of prudent management and selection of strategic product launches have proven to be key factors in delivering our financial results today.”
Cumulative half yearly results for financial year 2010 saw a profit after tax of RM34.9 million over revenue of RM167.3 million. This represented an overall increase of 49% and 61% in net profit and revenue, respectively.
Drawn on fundamental growth, Plenitude is poised to develop positively as the uptrend continues.
Given this positive environment, the cumulative half-year earnings per share also soared to 25.83 sen compared with 17.38 sen for the same period last year.

source: http://www.theedgeproperty.com