Paramount Corp Bhd group chief executive officer Jeffrey Chew
KUALA LUMPUR: Paramount Corp Bhd expects its financial performance to remain satisfactory and deliver solid growth as it moves into the final quarter of the year.
Group chief executive officer Jeffrey Chew said the group’s 2023 third quarter (3Q) financial performance was in fact better than the same period last year, if the sales of the non-core assets were excluded in 3Q22.
“Both Paramount’s property and coworking divisions had shown steady growth year on year in 3Q2023.”
“The property division recorded a 14% higher revenue at RM256.5mil and a 21% higher pretax profit at RM37.7mil,” he said in a statement.
The leading revenue contributors were Sejati Lakeside and Sejati Lakeside 2 developments in Selangor and Utropolis Batu Kawan development in Penang.
Paramount posted a net profit fell 30.3% to RM19.8mil, or earnings per share of 3.04 sen in 3Q23 compared with RNM27.2mil, or 4.37 sen recorded a year ago.
Revenue, however, rose 15.1% to RM266.8mil against RM231.7mil a year prior.
In the first nine months, Paramount posted a net profit of RM54.6mil on revenue of RM702.9mil.
Chew described Paramount’s nine-month results for FY2023 as encouraging with revenue and profitability achievements being better than the nine months of the previous year.
“The revenue of RM702.9mil is a record high (for nine months) in Paramount’s history. It clearly demonstrates that we have fully recovered from the pandemic, and filled the gap created by the divestment of the education businesses,” he said.
Chew said the group’s financial performance is expected to be satisfactory in the remaining quarter of the financial year to deliver a year of solid growth.
