Country View Q2 earnings up 15.3% despite tumble in revenue

Malaysia 23 Jul 2014
Country View Q2 earnings up 15.3% despite tumble in revenue

Property and construction company, Country View Bhd, posted a 15.3% year-on-year improvement in earnings to RM21.9mil from RM19mil in the second quarter ended May 31, 2014 despite revenue tumbling 32.4% to RM46.9mil from RM69.3mil.

In its Bursa Malaysia filing, the company said although revenue decreased due to the lower number of property units sold, profit was higher because of the higher selling prices. Earnings per share for the quarter climbed to 21.92 sen from 19.01 sen in the corresponding period last year. A second interim dividend of 7 sen payable on Oct 15, 2014 was declared.

Year-to-date, earnings in the two quarters so far rose 22.2% to RM44.2mil from RM36.2mil previously, even with revenue down 18.4% to RM108.3mil from RM132.7mil.  Earnings per share was up to 44.24 sen from 36.194 sen.

Country View said it was cautious on its prospects for the year, and expects revenue and earnings to be driven by residential properties, triple-storey shop officers and serviced apartments at Taman Nusa Sentral in Bandar Nusajaya, Johore.

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