Malton reports drop in Q1 profit

KUALA LUMPUR: Malton Bhd, the property developer controlled by tycoon Tan Sri Desmond Lim Siew Choon, posted a steep drop in net profit in the first quarter ended Sept 30.

Earnings fell to RM4.66mil compared with RM26.65mil made in the same quarter a year ago. Revenue was higher at RM157.9mil compared with RM124.8mil previously.

Malton attributed the lower net profit to the lack of one-time gain registered in the same corresponding quarter last year.

Excluding the one-off gain, Malton said its property business showed improved profit before tax of RM8.8mil, while its construction division made RM6mil.

Meanwhile, on-going construction contracts in hand such as Pavilion Damansara Heights, Pavilion Ceylon Hill and Pavilion Embassy projects will continue to contribute positively to its earnings for the financial year ending June 30, 2019.

Source: TheStar