PRG returns to black in 3Q with RM19mil net profit


KUALA LUMPUR: PRG Holdings Bhd posted a net profit of RM19.4mil in the third quarter ended Sept 30 against a net loss of RM3.9mil in the same period last year.

Quarterly revenue rose 237% to RM112.04mil from RM33.25mil, mainly due to the one-off realisation of previously unrealised intercompany revenue, as well as profits and interest income upon the disposal of Premier De Muara Sdn Bhd (PDMSB) to third party in the third quarter of 2020.

In the first nine months to Sept 30, PRG posted a net profit of RM14.8mil against a net loss of RM14.01mil. Revenue for the period more than doubled to RM160.7mil from RM75.4mil last year.

In a statement, PRG said its segments have been reorganising themselves to meet the operating environment of the new normal, and is optimistic that they will prevail even in view of the pandemic resurgence.

Its manufacturing and retail segments are continually reviewing the demand and supply situation and applying cost mitigation measures, whereas for property it has shifted its focus into affordable property projects going forward.

The group has since shifted the focus into affordable property projects going forward where demand for properties priced below RM500,000 is within the affordable range of the middle income households and constitute more than 50% of our country’s population.

“We strongly believe that the affordable properties will be in demand especially in the prime areas of Selangor and Kuala Lumpur.

“We hope the overnight policy rate reductions during this year by Bank Negara Malaysia, will spur a demand in purchase of properties during the year,” PRG said in the notes accompanying its financial results.

PRG has also ventured into the harvesting/logging of teak trees through the acquisition of two parcels of land which was completed on Nov 29, 2019.

The group is currently moving to finalise and secure demand for the teak logs.

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