KUALA LUMPUR : Selangor PROPERTIES [] Bhd's (SPB) net profit in the fourth quarter ended October, rose 9 % to RM35.85 million from RM32.9 million a year earlier as the company sold more properties, and trimmed operating expenses.
Revenue more than doubled to RM155.13 million from RM63.92 million, the real estate estate investor and developer reported to Bursa Malaysia in a filing today (Dec 28).
Cumulative full-year net profit, however, fell 72.8 % to RM32.3 million from RM118.55 million a year earlier, mainly, due to a provision for impairment losses on the company's investment in real estate funds. Revenue advanced 52.7 % to RM321.72 million from RM210.64 million.
"Barring unforeseen circumstances, the group's prospect for the next financial year remain positive," the comapny said.