Plenitude 4Q net profit down by 19.5%

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One of the major property developers in the country, Plenitude Berhad has recorded a net profit of RM22.2million for the fourth quarter of its current financial year. This is a 19.5% drop as compared to the corresponding quarter last year. This was due to the lower progressive profit from its properties sold, completed and handed over. The company said that the for the quarter dropped from RM107.59million last year to RM75.92 million and earnings per share stood at RM8.20 sen as compared to RM10.20 last year. This means that for the financial year ending June 30,2011, its net profit increased from RM84.19 million to RM89.59 million while total revenue was at RM317.89 million.

Chua Elsie, the executive chairman of the company said that the reason why the profit for the financial year was better in 2011 was due to the better demand from the market as well as the higher selling price of property units in its current projects.