Naim Holdings pre-tax profit more than doubled in Q1

KUALA LUMPUR: Naim Holdings Bhd’s pre-tax profit more than doubled to RM51.39mil for the first quarter ended March 31, from the RM22.98mil recorded in the same period last year.
Revenue was also sharply higher at RM128.90mil during the period under review, from RM94.15mil chalked up in the same quarter a year ago.

In a filing with Bursa Malaysia, the group attributed the better performance to higher property sales and improvement in the performance of its associates.

“For the quarter under review, the property segment achieved a revenue of RM68.5mil, up 62.7% from the same period last year,” it said.

On prospects, the group remained cautious in view of uncertainties over increasing costs of materials and labour, interest rate fluctuations, competition from other local developers and lower purchasing power of property buyers partly due to stricter bank lending criteria.

“We will continue to actively seek potential opportunities to acquire strategic land banks to further strengthen the growth of the property segment in term of sales and market share,” it added. — Bernama

Source: The Star Online