Paramount Property biz drives net profit in 2Q

Paramount Corp Bhd’s net profit advanced 70% year-on-year (YoY) to RM23.9 million in the second-quarter (2Q) ended June 30, 2016, while revenue increased 26% YoY to RM145.3 million from RM115.3 million, on the back of higher revenue from its property division.

The company declared an interim dividend of 2.5 sen per share for its financial year ending Dec 31, 2016.

In filing yesterday, Paramount noted prospects for its property division are improving especially for commercial properties, where astute investors are looking to make long-term strategic investments.

As at June 30, 2016, unbilled sales stood at RM355 million on the back of six-month sales of 156 units with a sales value of RM129 million as well as progressive billings from ongoing developments.

For the six-month period, Paramount registered a lower net profit of RM33.6 million.