Posted by Jimmy Song > 2013-05-22 22:27 | Report Abuse

PETALING JAYA, 22 MAY 2013 – Today, Crest Builder Holdings Berhad (‘CBHB’ or ‘the Group’) announced its financial results for the first quarter of its financial year ended 31 December 2013 (‘Q1FY2013’) with a revenue of RM107.2 million. The Group reported a profit before tax (‘PBT’) of RM9.0 million – an increase of 44.4% compared to its preceding year quarter of RM6.2 million. The Group’s profit after tax (‘PAT’) recorded an increase of 39.5% with RM6.3 million, compared to its preceding year quarter of RM4.5 million; this translates to earnings per share of 4.7 sen. Under CBHB’s segmental performance for Q1FY2013, its construction division makes up 92% of its total revenue for the quarter with a revenue of RM99.0 million, which is mainly due to the Unitapah project that has been recognised for the quarter under review. The Group’s construction division reported a PBT of RM7.3 million representing an increase of 45% compared to its corresponding first quarter last year. The property development division recorded a revenue of RM5.9 million and a PBT of RM1.6 million, a comparative decrease from the results of its corresponding quarter last year of RM12.2.million and RM2.8 million respectively. This decrease in profit is due mainly to cost required for the completion of one of the Group’s property development projects, Alam Idaman, serviced apartments towards the end of the previous financial year. With regards to its property investment, the division reported a revenue of RM2.3 million and a PBT of RM0.1 million. The Group’s Tierra Crest development office towers will physically be occupied in September 2013 with UNITAR’s scheduled student intake. In the pipeline for 2013 is the Group’s RM1.04 billion Dang Wangi project which aims to kick-off its physical works during the second half of FY2013. “We have officially signed the Joint Land Development Agreement with Prasarana for this mixed development project. So with final administration underway everything should be in order and set to go within the next few months” commented Eric Yong, Executive Director of Crest Builder Holdings Berhad. “The management is confident that the Group will continue to deliver healthy financial performances for FY2013, with our various projects advancing along smoothly.. We are actively bidding for projects from various opportunities available to the Group with an estimated tender book of RM6.0 billion,” he added.