Plenitude posts record-high profit

KUALA LUMPUR: Plenitude Bhd recorded its highest ever revenue and profit levels for its financial year ended June 30, 2010 (FYE 2010), posting a net profit of RM84.19 million for the year, up 5.5% from RM79.78 million in FYE 2009.The group’s revenue rose to RM349.71 million in FYE 2010, up 23.7% compared to the year before. Plenitude’s earnings per share (EPS) increased to 62.36 sen for FYE 2010 from 59.10 sen per share in the previous year. “The property market rebound has worked in our Group’s favour. Demand for our projects increased for the reporting year and prices of our properties surged between 10% and 20% on average. This brought about a better than expected gross development value of RM324.36 million,” said executive chairman Elsie Chua in a press statement on Monday, Aug 23.This year proved to be a busy one for Plenitude, with multiple launches for its developments in Puchong, Johor Bahru, Sg Petani and Penang. Its Phase 8A in Taman Putra Prima, Puchong did particularly well, selling 197 units of double-storey terrace house and delivering a total gross development value (GDV) of approximately RM70.13 million.The selling price for the group’s maiden luxury project in Penang, Bayu Ferringhi has surged to about RM500 psf from RM420psf a year ago. The project comprises condominium blocks and semi detached houses was launched earlier last year. To date, more than 70% of the project has been taken up and is scheduled to be completed by mid-2011.Good take-up rates were also noted for projects in Bandar Perdana and Lot 88 (Perdana Heights), Sg Petani.More launches are in the pipeline, including its first bungalow and cluster homes in Taman Desa Tebrau, Johor Bahru and 3-storey link houses in Taman Putra Prima in Puchong Selangor.“We are also progressing with the planning of our newly acquired 40 acres of land in Batu Ferringhi, Penang and hope to launch within two years,” said Chua.“We maintain a prudent outlook on the property market for this year and will continue to launch affordable housing as interest rates rise,” she added.In the year's fourth quarter, Plenitude recorded revenue of RM107.59 million, representing an increase of 61.3% from previous year’s corresponding quarter while profit after tax surged to RM27.6 million

source: TheEdgeProperty 23 August 2010