Paramount Q1 net profit grows 18.5%

Posted on 20 May 2015 – 05:38am

PETALING JAYA: :Paramount Corporation Berhad (PCB) first quarter net profit for the financial year ending Dec 31, 2015 grew 18.5% to RM23.2 million from RM19.5 million a year ago driven by both its property and education divisions.

Revenue for the period rose 67% to RM165 million from RM98.8 million previously mainly due to revenue from its property division, which almost doubled to RM128.46 million.

Its CEO Jeffrey Chew said, the Q1 results have given the group a good foundation on which to drive growth in 2015, which he anticipates to be a challenging year.

“The market is feeling the impact of many different factors, which together have dampened the public’s appetite for consumption. Our strategy this year will be to make the most of the synergistic opportunities offered by our complementary businesses in property and education, whilst improving operational efficiencies,” he said.

Chew added, “In property, we do see the potential for upside. The government is making home ownership more accessible, and improved connectivity is opening up new areas of growth in Greater Klang Valley. Buyers will, however, be more discerning. We need to up our ante on innovation, put in place more robust sales and marketing efforts, and ensure we have outstanding customer service”.

On the education front, Chew said the market was more resilient.

“Our strategy will be to make good quality education more affordable and more accessible through twinning, franchise and home-grown programmes at the tertiary level, and to offer budget schools in the primary and secondary segments,” he said.