KUALA LUMPUR: Paramount Corp Bhd expects its performance in the current financial year to be satisfactory as sales traction in the property segment continues on the back of launches of properties of RM2bil gross development value.
In a filing with Bursa Malaysia, the property developer said its unbilled sales as at end-September 2024 of RM1.5bil will provide some visibility on the group's cashflow in the near term.
"However, the pace at which this can be converted into billings would depend largely on the construction progress of projects," it added.
The group's undeveloped land as at end-September 2023 stood at 379.4 acres.
In the third quarter ended Sept 30, 2024, Paramount posted a net profit of RM16.39mil, down from RM18.94mil in a year-ago quarter, translating to an earnings per share of 2.63 sen against 3.04 sen previously.
It said the lower profit attributable to shareholders during the quarter was owing to the higher tax expenses.
The group, meanwhile, reported revenue of RM273.53mil against RM266.79mil in the comparative quarter.
Paramount group CEO Jeffrey Chew said the property segment had performed satisfactorily in the third quarter, achieving its highest quarterly revenue for the year.
The improvements were underpinned by the higher sales and the more advanced stage of completion of certain projects.
“The three projects anchoring the 3Q2024 revenue were Sejati Lakeside 2 landed residential in Cyberjaya, Paramount Palmera industrial park in Bukit Minyak, Penang, and Utropolis Batu Kawan mixed development in Batu Kawan, also in Penang,” he said in a statement.
Over the nine months period, the group said net profit was RM48.33mil, down from RM54.64mil in 9MFY23, while revenue dipped to RM679.08mil from RM702.9mil in the year-ago period.
The board of directors has declared a second interim dividend of three sen per share, payable on Dec 26, 2024, to shareholders whose names appear on the record of depositors on Dec 11, 2024.
