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News Room

04 Aug 2011

Tambun Indah posts RM4.73m net profit in 2Q

The Edge Daily

Written by Joseph Chin

KUALA LUMPUR: Tambun Indah Land Bhd posted net profit of RM4.73m in the second quarter ended June 30, on the back of RM52.44 million in revenue.

The Penang-based property company said on Thursday, Aug 4 that its earnings per share were 2.14 sen. It declared dividend of 4.6 sen per share.

Tambun Indah said the 2Q pre-tax profit before tax was RM11.33 million, up RM9000,000 than 1Q’s RM10.43 million.

“This is mainly due to higher revenue were recorded during the current quarter of RM52.45 million compared to revenue of RM35.95 million in the preceding quarter,” it said.

However, the increase in revenue was partially offset by increase in cost of sales, administrative expenses and selling and marketing expenses. Higher administrative expenses in current quarter mainly due to expenses related to three proposed acquisition of Pridaman, Ikhtiar Bitara and Bandar Tasek Mutiara land.

\"Higher selling and marketing expenses were incurred in the current quarter as a result of more sales activities from development projects.

Elaborating on the financial results, it said the revenue was RM88.40 million in the first half while pre-tax profit was RM21.76 million.

It said the profit and revenue were mainly from its property development activities. Ongoing projects which contributed to the Group’s profit and revenue include Pearl Villas, Pearl Garden, Juru Heights, Carissa Park, Dahlia Park, Impian Residence, Tanjung Heights and Capri Park.

Apart from property development, the group’s CONSTRUCTION [ ] activities and investment holdings activities also contributed to the earnings.