Paramount expects lower profit

  • Business
  • Wednesday, 28 May 2003

PARAMOUNT Corp Bhd, a property developer and operator of Kolej Damansara Utama (KDU), expects its current year's profit to be below that of last year, according to its chief executive officer Teo Chiang Quan.  

Teo told reporters after the company's AGM and EGM in Subang yesterday that the group's profits before tax last year were 30% higher than 2001.  

Its revenue last year was RM213mil largely due to profits made in the property and construction sectors, and the education sector was adversely affected due to stiff competition in the private education market.  

However, Paramount has since diversified its involvement in the education sector and introduced the smart schools and the executive development centre. 

“The executive development centre caters to working adults who wish to further their education without having to do it full time,” Teo said. 

The centre is situated at KL Central Plaza and the number of students fluctuates according to the courses offered.  

To date KDU, which has three campuses in the country, has over 4,000 students enrolled with some 20% of them comprising foreigners.  

“We have over 400 students from China, and with the Severe Acute Respiratory Syndrome (SARS) scare, we are very careful in selecting the new intake of students from China and Taiwan,” he said. 

The EGM also approved the purchase of 524 acres in Shah Alam, which will be developed for housing. Paramount plans to build some 6,500 property units, which will take 12 years to complete, on the land in Bukit Kemuning.  

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