Posted by Jimmy Song > 2013-08-28 18:18 | Report Abuse

CREST BUILDER Q2 PROFIT SOARS 221% CREST BUILDER HAS REPORTED A PAT OF RM20.2 MILLION FOR ITS Q2FY2013 PETALING JAYA, 28 AUGUST 2013 – Crest Builder Holdings Berhad (“CBHB” or the “Group”)announced its second quarter results for its financial year ending 31 December 2013 (‘Q2FY2013’) with arevenue of RM68.8 million. The Group’s current quarter under review reported a profit before tax (‘PBT’) of RM22.2 million, representing an increase of 147% compared to itslast quarter of RM9.0million. The Group’s profit after tax (‘PAT’) recorded an increase of 221% toRM20.2 million compared to its previous quarter of RM6.3 million. The significant improvement in its profits was mainly due to the change in fair value of investment property in the current quarter of the financial year under review. The Group’s construction division reported a revenue of RM58.9 million compared to RM115.4 million in the corresponding second quarter of FY2012. The decrease in revenue was mainly due to the completion of certain projects in FY2012. However, the construction division delivered a pre-tax profit of RM6.1 million compared to RM3.0 million in Q2FY2012. The increase in pre-tax was due to the Group’s ability to achieve higher margins from certain projects in the current quarter under review. The property development division reported a revenue of RM7.6 million, a decrease of 34% from RM11.3 million in the corresponding quarter of FY2012. The reason for the decrease in segmental revenue was due to the completion of Alam Idaman service apartment development project in FY2012. However, the Group achieved an increase of pre-tax profit for its property development division to RM3.0 million from RM2.7 million in the corresponding quarter of FY2012. “With upcoming property launches in the coming months and UNITAR commencing its student intake in September 2013 for our Tierra Crest Development, we are anticipating a stronger quarter ahead for us.” commented Mr. Eric Yong, Executive Director of CBHB.