PROPERTY developer Mutiara Goodyear Development Bhd recorded a net profit of RM5.8 million in the first quarter ended July 31 2008, up 163.7 per cent from RM2.2 million registered in the previous corresponding period.
This was achieved despite a revenue drop of 42.6 per cent to RM35.6 million, from RM62.0 million in the same period last year.
Chief executive officer Kee Cheng Teik attributed the profit growth to sales derived from its Mutiara Gombak project, which comprises 140 units of semi-detached houses and 181 units of terrace houses.
This project has been fully sold at a good profit margin.
In a statement issued last Friday, Kee said Mutiara Goodyear remains optimistic of its performance in future.
The group is encouraged by the recent overall take up rate of over than 60 per cent of its Prima Avenue, Kelana Jaya, project.
Prima Avenue is a commercial development consisting of business suites and retail outlets with an overall gross development value (GDV) of RM120 million.
Meanwhile, the group is also finalising a number of projects to be launched next year with a total GDV of RM2.5 billion.
They include Nadayu Melawati in Kajang and mixed residential projects in Seberang Prai and Penang Island as well as a commercial development in Sunway Commercial Centre in Petaling Jaya.
By New Straits Times
Monday, September 22, 2008
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