Paramount’s pre-tax profit jumps to RM101m for FY15

KUALA LUMPUR: Paramount Corporation Bhd’s pre-tax profit jumped to RM101.69 million for the financial year ended Dec 31, 2015 from RM85.76 recorded in the 2014 financial year.

Revenue was also higher at RM576.03 million from RM510.04 million previously.

In a filing to Bursa Malaysia, Paramount attributed the better results to higher revenue contributions from its property and education divisions.

“Revenue for the property division grew 13 per cent to RM427.1 million from RM376.4 million registered in 2014 due to higher sales and progressive billings.

“Revenue from the education division also grew 13 per cent to RM147.9 million from RM131.1 million in 2014 due to stronger revenue contributions from the primary, secondary and tertiary schools stemming from higher new student enrolments,” it said.

For the fourth quarter alone, pre-tax profit rose to RM22.74 million from RM16.55 million in the same period in 2014 on the back of a lower revenue of RM148.06 million from RM157.66 million recorded previously.

On prospects, Paramount was confident its current portfolio would serve the market demand for affordably priced houses and in the property hotspots of Klang Valley and Penang.

For the education division, Paramount expects the primary and secondary schools, with their strong value proposition, to drive the performance of the division.