Land & General Bhd has returned to the black with an un-audited pre-tax profit of RM44mil for its financial year ended Dec 31, 2002, compared with a pre-tax loss of RM236.89mil the year before.
A statement from the company said the profit was achieved despite a lower turnover of RM204.7mil compared with RM270.7mil previously.
For its final quarter to Dec 31, 2002, the company recorded a much lower pre-tax loss of RM51.5mil compared with a pre-tax loss of RM225.5mil in the previous corresponding quarter.
The property development company is now finalising its seven-year restructuring scheme to settle its debts.
It initially had over RM600mil in debts but managed to pare the figure to about RM450mil after the disposal of its shareholding in Bumi Armada Bhd for RM207mil late last year.