TA Enterprise Bhd said its year to Jan 2005 pre-tax profit dropped to RM129.8mil from RM133.3mil a year earlier due to higher provisions for impairment losses on quoted investment and intangible assets in relation to its acquisition of the Kota Bharu Securities Sdn licence.
However, its fourth quarter to January revenue rose 41.5% to RM96.9mil from RM68.5mil in the year-earlier period, with earnings contributed by its stockbroking operations, short-term financing activities, property development sales and its hotel operations in Australia. “The improved results for the current quarter are mainly attributable to higher brokerage income from the stockbroking business, profit from sale of newly-launched properties, reversal of provision for impairment loss on Hong Kong property, substantial recovery of financial receivables and lower operating expenses.” – AFX-Asia
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