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Friday, May 23, 2014

Salcon 1Q profit soars 583% to RM16m, revenue higher at RM40m (Edge)

Salcon Bhd's net profit soared 583% to RM16.4 million in the first quarter ended March 31, 2014 (1QFY14) from RM2.4 million a year earlier. Profit growth came mainly on gains from the construction firm's discontinued-concession operations.

In a statement to the exchange today, Salcon said revenue was higher at RM40.4 million compared to RM36.2 million.

"Lower revenue was recorded in the discontinued-concession operations by 81%.

"However, profit before tax had increased by 222% as compared with the immediate preceding quarter due to the gain from the disposal of its subsidiaries," Salcon said.

Compared to a year earlier, Salcon's income statement shows that the firm's profit from discontinued operations came to RM32.4 million in 1QFY14. This compares to RM9.3 million previously.

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