KUALA LUMPUR: KRISASSETS HOLDINGS BHD [] posted net profit of RM35.44 million in the first quarter ended March 31, 2011, which was a 31.2% increase from the RM27.01 million a year ago, mainly due to higher total rental income and lower finance and utility costs in the current quarter.
It said on Monday, May 9 the revenue increased by 7.7% to RM63.46 million from RM58.89 million. Earnings per share were 8.17 sen compared with 8.02 sen.
'For the current quarter ended March 31, 2011, the group's revenue, reflecting mainly the operations of Mid Valley Megamall, increased by 7.81% to RM63.5 million, compared with the corresponding period of RM58.9 million in 2010. This was mainly due to higher total rental income,' it said.
KrisAssets said pre-tax profit rose 27.8% to RM46.9 million compared with pre-tax profit of RM36.7 million a year ago.
When compared with the immediate preceding quarter ended Dec 31, 2010, group's revenue of RM63.5 million was a 2.75% increase from RM61.8 million. This was mainly due to higher total rental income in current quarter.
'The group recorded a pre-tax profit for the current quarter ended March 31, 2011 of RM46.9 million, representing 56.33% decrease, compared with pre-tax profit of RM107.4 million in the immediate preceding quarter. This was mainly due to recognition of revaluation surplus of RM70 million as fair value gain on investment property in the immediate preceding quarter,' it said.
KrisAssets also disclosed it had borrowings of RM448.32 million as at March 31, 2011.
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