Paramount Posts Higher Pre-Tax Profit in Q1

KUALA LUMPUR, May 19 (Bernama) — Paramount Corporation Bhd posted a higher pre-tax profit of RM33.59 million for the first quarter (Q1) ended March 31, 2015 from RM23.82 million in the same quarter last year.

Revenue surged by 67 per cent to RM165 million during the quarter reviewed from RM98.78 million previously.

In a filing to Bursa Malaysia, Paramount said its property division’s revenue almost doubled to RM128.5 million from RM66.1 million, due to higher progressive billings registered by Sejati Residences in Cyberjaya as well as Utropolis in Glenmarie and Sekitar26 Business developments, both located in Shah Alam.

The better performance was also due to higher-than-expected sales from these developments and the Bukit Banyan development in Sungai Petani, Kedah.

For the education division, revenue increased by 12 per cent to RM36.1 million on the back of higher revenue from primary and secondary schools as well as its college in Penang.