PRG 1Q net profit quadruples to RM4.09mil

PRG group executive vice chairman Datuk Lua Choon Hann

KUALA LUMPUR: PRG Holdings Bhd’s net profit surged to RM4.09mil in the first quarter ended March 31 compared with RM937,000 a year ago.

Its revenue in the first quarter increased marginally to RM59.53mil against RM58.1mil last year.

The company said the improved results were mainly due to the increase in progress billings from its property development project, Embayu @ Damansara West, which has recorded positive sales.

The increase in net profit was also contributed by the lower administrative expenses incurred after the disposal of its security brokerage business and the closure of retail stores in the second quarter of 2021.

Group executive vice chairman Datuk Lua Choon Hann said sales have been very encouraging, and looks forward to achieving a good overall bottom line this financial year.

“While we plan for a smooth handover in 2023 for this project, the group will continue to explore other property projects as we believe that the demand is there, especially in the prime areas of Selangor and Kuala Lumpur,” he said in a statement.