The Malaysian property market continued to be challenging in 2014, as the cooling measures introduced by the government took effect. Despite the trying conditions, I am pleased to report that the Group was able to maintain its steady expansion course, marking several milestones during the year. We continued to experience encouraging response to our existing and new project launches of affordable housing.
On behalf of the Board of Directors, I am pleased to present the Annual Report and Audited Financial Statements for the financial year ended 31 December 2014 (FY2014).
Revenue improved 24.0% to RM466.8 million from RM376.4 million a year ago, as the Group registered higher take-up rates and good construction progress in ongoing projects.
FY2014 profit before tax increased 17.4% to RM138.2 million against RM117.7 million in FY2013. Following the acquisition of the remaining equity interest in Palmington Sdn Bhd and Tambun Indah Development Sdn Bhd in November last year, the Group