Selangor Properties hit by launches delay

PETALING JAYA: Selangor Properties Bhd’s net profit for the second quarter ended April 30, 2013 fell almost 40% to RM6.83mil from RM11.3mil in the same quarter last year.

However, it said in its filing to Bursa Malaysia that revenue for the quarter improved marginally to RM60.76mil from RM59.33mil a year ago.

In the group’s property investment holding segment, it achieved a higher profit compared with a year ago amounting to RM5.7mil, due to profit from compulsory land acquisition.

Meanwhile, the delay in new property development launches resulted in lower revenue and has incurred some losses.

The education segment also reported lower revenue and profits due to a decrease in classes conducted during the festive and holiday period, as well as lower enrolment by international students.

However, the group’s Australian operations posted a profit of RM17.7mil compared with a loss of RM1.4mil a year ago. “Higher gain in the current quarter was due to a revaluation surplus of RM19.8mil from Claremont Quarters.

The main income is from the rental of Claremont Quarters and its current occupancy remains high at 98.5%,” it said in a statement.

The group expects the property investment and education segments to remain stable and continue to contribute positively to the group.

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