Paramount to launch projects with RM1.1bil in GDV

KUALA LUMPUR: Paramount Corp Bhd targets to launch properties with an estimated gross development value (GDV) of RM1.1bil in the remaining nine months of 2023.

“The group’s unbilled sales of RM1.4bil as at March will provide some visibility on its cashflow in the near term.

“However, the pace at which this can be converted into billings would depend largely on the construction progress of projects,” the developer said in a filing with Bursa Malaysia.

The group added that as at March 31, its undeveloped land bank stood at 525.8 acres.

On its co-working division, Paramount said Co-labs Coworking will focus on improving its occupancy rate and explore expansion opportunities, while Scalable Malaysia will continue to leverage Paramount Property’s expertise to design and build more workspaces for its growing customer base.

“Despite the challenging global economic environment, the group is cautiously optimistic of its prospects for the financial year 2023, underpinned by domestic economic growth.

“Apart from optimising the group’s operations on an ongoing basis, the group will remain prudent and agile to navigate through this rapidly changing environment,” Paramount said.

The developer’s net profit more than doubled to RM11.6mil in the first quarter ended March 31 from RM5.02mil a year ago.

Revenue rose 15.7% to RM194.5mil against RM168.1mil last year while earnings per share rose to 1.86 sen from 0.81 sen previously.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Leading index down 0.9% in July
FBM KLCI moves lower at midday
Evergrande's debt revamp roadblock hits China property investors' sentiment
Malaysia’s FDI set to rise on friend-shoring as PM Anwar raises country's profile
United Malacca earnings miss expectations, analysts cut forecasts
Ringgit opens slightly higher against USD, seen in narrow range today
Foreign investors bring RM550.9mil into Bursa Malaysia, highest in 8 weeks
KLCI edges lower in early trade
Trading ideas: Chin Hin, ITMAX, United Malacca, Boustead Plantations, CTOS
Glencore-backed zinc miner is getting crushed in the debt market

Others Also Read