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Tuesday, July 1, 2014

TA, Hiap Teck (Edge)

TA Enterprise Bhd’s net profit soared 70.2% year-on-year (y-o-y) to RM57.7 million in the first quarter ended Apr 30, 2014, from RM33.9 million.

Revenue jumped 16.3% y-o-y to RM210.4 million from RM180.9 million.

The firm said the significant increase in net profit was mainly due to contribution from broking and financial services, credit and lending, hotel and investment holding divisions.

“The global economy is expected to be challenging, resulting from the rollback of the quantitative easing in US and slower than expected growth in China,” said TA Enterprise on prospects for the current financial year.

“However, the domestic economy is expected to be resilient because of sustainable domestic demand and recovery in exports.”

Hiap Teck Venture Bhd said its net profit for the third quarter to end-April 2014 rose to RM13.57 million, up 48.8% from RM9.12 million a year ago.

It recorded a 6.2% growth in revenue in the third quarter to end-April 2014 (Q3FY2014) to RM296.7 million, from RM279.3 million achieved in Q3FY2013.

For the nine months to April 2014, group revenue remained stable at RM826.3 million as compared to RM833.4 million in the previous corresponding period.

Due to higher gross margin, higher foreign exchange gain and interest income, the group registered a substantial growth in earnings with net profit rising to RM31.91 million, from RM11.92 million.

Hiap Teck said its board of directors “is cautiously optimistic on the performance of the Group for the remaining of the financial year”.

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