PRESS RELEASE Date: 23 February 2010
PLENITUDE SECOND QUARTER RESULTS JUMP THREEFOLD ON STRONG PROPERTY SALES - Q2/10 Revenue jumps 202% while Net Profit surges 126% -
Kuala Lumpur, 23 February 2010 – Plenitude Berhad (“Plenitude” or the “Group”) reported an impressive threefold jump in its second quarter revenue for financial year ending 30 June 2010.
The Company announced its second quarter results ended 31 December 2009 (Q210) with a net profit of RM23.1 million or equivalent to 126% surge from the previous year’s corresponding quarter. The reported quarter revenue jumped to RM109.4 million, an increase of 202% from the previous year’s corresponding quarter.
According to Plenitude Executive Chairman Madam Chua Elsie, the strong demand and return of consumer confidence in the property market has benefited Plenitude particularly properties in Puchong, Johor and Penang which contributed substantially to this quarter’s performance.
“Our maiden luxury project in Penang, Bayu Ferringhi was in great demand and to date, only a few Bumiputra units of the condominium are available” she said. The subsequent launch of the 2 1⁄2 storey semi-detached homes in November 2009 to much fanfare by celebrity guest Phua Chu Kang also garnered much interest and sales.
“During this reporting quarter, our development in Puchong namely Taman Putra Prima also did exceptionally well. The high demand for our new launch, Phase 8A which consists of 197 units double storey terrace houses set a record sale for our subsidiary where all the units were sold out within two months from the launch date. The commercial development of 2 and 3 storey shop offices have also been sold out. We are of course extremely excited and driven by these developments,” added Mdm Chua.
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“Sales for our other townships in Sungai Petani, Kedah and Taman Desa Tebrau, Johor also continue to rise. The attractive low interest rates offered by banks have also supported the increase in sales,” commented Mdm Chua.
“Plenitude’s continued strategy of prudent management, selection of strategic product launches have proven to be key factors in delivering our financial results today”
“We are pleased with our Company’s results for this reporting quarter as it continues to showcase the dedication and commitment of our team in delivering results to shareholders. We continue to stress on providing high quality products and services to our customers and we believe we have built a good and solid reputation in the market place,” she added
The cumulative half yearly results for financial year 2010 saw a profit after tax of RM34.9 million over revenue of RM167.3 million. This represented an overall increase of 49% and 61% in net profit and revenue respectively. Drawn on fundamental growth, Plenitude is poised to develop positively as the uptrend continues.
Given this positive environment, the cumulative half year earnings per share also soared to 25.83 sen compared to 17.38 sen for the same period last year.