18 June 2009

TA 1Q net profit rises 6% to RM30.5m

KUALA LUMPUR: TA Enterprise Bhd’s net profit for the first quarter (1Q) ended April 30, 2009 rose 6% to RM30.46 million from RM28.74 million a year ago, mainly due to a writeback of provision for doubtful debts and foreign exchange translation gains.
However, revenue fell 38.1% to RM72.04 million for the quarter under review compared with RM116.37 million a year ago, underpinned by a drop in income from brokerage and sales of property segments.
Basic earnings stood at 2.13 sen per share versus 2.01 sen. No dividends were declared in the quarter under review.
TA, in the announcement of its quarterly financial results released on June 17, said the group’s various business segments were affected in line with the global economic downturn.
To deal with the challenging situation, the group said it would focus on carrying out prudent management practices, acquiring undervalued assets, and coming out with more attractive marketing initiatives.

Source: The Edge Financial Daily