Paramount Q3 net profit up 7.5%

PETALING JAYA: Paramount Corp Bhd’s net profit for the third quarter ended Sept 30, 2015 was up 7.5% on higher contribution from the property and education divisions.

The company made a net profit of RM15.5 million for the quarter, compared with RM14.6 million for the same quarter in 2014. The improvement was due to higher revenue of RM147.7 million, against RM120.4 million for the corresponding quarter in 2014.

Paramount said the overall group performance will be better than that of the previous year, based on its results so far.

The company said in a filing with Bursa Malaysia yesterday that despite consumers’ cautious spending sentiments and banks’ tighter lending policies, Paramount’s property projects have performed well with new launches enjoying take-up rates of between 50% and 70%.

Paramount recorded new sales of 374 units of properties with a value of RM306.37 million in first nine months of this year from its ongoing development projects, with locked-in sales amounting to RM400 million as at the end of September.

On its education division Paramount said, despite the challenges of competition, the tertiary education sector recorded a growth in new student enrolment in 2015 in comparison with the previous year, attributable to its new state of-the-art campus in Utropolis, Glenmarie.

Net profit for the nine-month period was relatively flat at RM52.8 million, compared with RM52.4 million for the same period in 2014. This was despite a 21% jump in revenue at RM428 milion, from RM352.4 million for the same period in 2014.