News by Tan Xue Ying

There was a significant drop in provision for liquidated ascertained damages (LAD) of RM9.9 million compared with RM58.8 million LAD charges in 4QFY18, its exchange filing today showed.

This improves PPB’s earnings per share to 24.6 sen for 4QFY19 compared with 15.56 sen for 4QFY18.

It added that it will quickly set up the new co-investment fund of RM500 million for investments alongside private investors in early-stage and growth-stage Malaysian companies.

The diversified group booked in profit from discontinued operations amounting to RM25.99 million in the previous corresponding quarter.

The group attributed profit and revenue to the progressive recognition of its ongoing projects and sale of completed offices and residential units, but there was a decline because previously, there was contribution from the sale of an office tower in UOA Business Park.

The construction giant also incurred higher operating expenses as well as a bigger share of losses of associates during the quarter under review, its exchange filing yesterday showed.

“We have seen some first-timers in the market offering ridiculous pricing to developers in order to win their first jobs, only to realise that they are unable to deliver up to local contractual requirements in terms of quality and delivery time."

PLB said it will be undertaking rehabilitation works of the existing dumpsite — currently used for the disposal of various types of waste — on state land measuring approximately 84 acres, and additional area in excess of the existing area.

Paramount group chief executive officer Jeffrey Chew said Paramount will intensify its efforts and resources into growing its core business of property development, which contributes 75% of the group’s revenue.

This fall comes as revenue contracted 22% on year to RM485.94 million from RM626.02 million, as the majority of the group’s existing projects are at their initial stages.