Selangor Properties bottom line halves in third quarter

PETALING JAYA: Selangor Properties Bhd’s net profit for the third quarter ended July 31, 2017 fell 54.6% to RM19.51 million from RM42.98 million a year ago, mainly due to a decrease in profits from its investment holding business as a result of lower foreign exchange gains of RM2.9 million compared with RM31.8 million in the previous year’s corresponding quarter.
Revenue, however, was 22.5% higher at RM31.86 million compared with RM26.01 million in the previous year’s corresponding quarter.
For the nine months period, the group’s net profit jumped sevenfold to RM72.16 million from RM9.96 million a year ago, thanks to its investment holding business that saw a foreign exchange gain of RM30.1 million, while a foreign exchange loss of RM27 million was registered in the first nine months of 2016.
Its revenue increased 10.7% to RM94.94 million compared with RM85.79 million in the previous year’s corresponding period.
Selangor Properties said the property investment division of the group is expected to remain stable and will continue to contribute positively to the group.
The group’s investment properties in Menara Milenium at Damansara Heights and Claremont Shopping Centre in Perth, Australia continue to enjoy high occupancy rates. The sales of AIRA Residence project and its ongoing construction progress, are expected to contribute positively to the group’s current year financial results.

The re-launch of the Bukit Permata project, expected in early 2018 depending on market conditions, may further contribute to the results.