Selangor Dredging returns to the black in Q1

PETALING JAYA: Selangor Dredging Bhd expects the outlook of the property sector to remain challenging for its remaining financial year due to the uncertainties presented in the global economic environment.

For the first quarter ended June 30, 2023 (1Q24), the boutique property developer’s revenue increased by 401% year-on-year (y-o-y) to RM46.8mil, on the back of the launch of 19Trees, located in Melawati as well as Jia, at Bukit Serdang, Selangor during the second half of last year.

The group recorded a net profit of RM7mil in 1Q24 from a net loss of RM4.1mil in 1Q23 or an earnings per share of 1.65 sen.