Favorite Links

Friday, February 26, 2016

Paramount Corp to launch RM770mil worth of projects in 2016

PETALING JAYA: Paramount Corp Bhd (PCB) intends to launch property projects worth RM770mil this year - more than double the RM313mil worth of projects it launched in 2015.

PCB group chief executive officer Jeffrey Chew said the projects will comprise commercial (30%), landed residential (34%) and integrated high rise condominium (36%) developments.

"While many players are facing contractions in their revenue, we saw our property division grow 40% in 2015," he said at a briefing today.

He said the company had 800 acres of undeveloped land bank with potential gross development value of RM8.3bil.

PCB saw its full-year 2015 earnings grow by 8% to RM67.68mil compared with RM62.47mil in the previous year, driven mainly by the property division.

Revenue for the period was 13% higher at RM576.03mil against RM510.04mil in 2014 on the back of higher contributions from the property and education divisions, the company said in its filing with Bursa Malaysia.

The property division posted higher revenue to RM427.1mil due to higher sales and progressive billings registered on the Sejati Residences in Cyberjaya, Utropolis in Glenmarie, Shah Alam, Sekitar26 Business in Shah Alam and Bukit Banyan in Sungai Petani developments, offsetting the lower revenue from the construction sector as a result of the cessation of external projects.

As a result of the higher revenue and despite the lower pre-tax profit from the construction sector, pre-tax profit for the division increased by 23% to RM83.9mil.

Revenue for the education division grew to RM147.9mil with higher new student enrolments from the primary, secondary and tertiary schools.

No comments:

Post a Comment