Selangor Properties' Q4 pre-tax profit surges to RM514.74 million

Selangor Properties Bhd's pre-tax profit for the fourth quarter ended Oct 31, 2015 surged to RM514.74 million from RM40.89 million in the same period a year ago.

Revenue increased to RM28.04 million for the period under review from RM27.2 million recorded previously, the company said in a filing to Bursa Malaysia today.

The company gained a profit of RM403.9 million (excluding Real Property Gains Tax of RM17.1 million) for the disposal of a parcel of freehold land in Kuala Lumpur which was completed on Sept 30, 2015.

Going forward, Selangor Properties said its property investment segment is expected to remain stable and would continue to contribute positively to the group.

"Barring unforeseen circumstances, the group expects the operations in Malaysia and Australia to remain positive in 2016.

"However, in view of our overseas investments, fluctuations in foreign currency exchange will affect the group's profitability," it added.