Paramount’s 9-month pre-tax profit falls to RM59m

KUALA LUMPUR, Nov 28 – Paramount Corporation Bhd reported a lower pre-tax profit of RM59.04 million for the nine months of the financial year (FY) ending Dec 31, 2012, from RM81.21 million in the same period previously.

Revenue for the period improved marginally to RM335.10 million from RM334.78 million previously, it said in a filing to Bursa Malaysia.

Reviewing its performance, the company said the pre-tax profit for its property development division fell 10 per cent in the third quarter (Q3) FY12 to RM17.1 million from RM18.9 million in Q3 FY11 due to lower revenue and margins stemming from a composition of mixed products that included low medium cost apartments.

The construction division recorded a loss before tax of RM136,000 in Q3 FY12 compared with a pre-tax profit of RM1.4 million in Q3 FY11 due to a squeeze on margins due to rising construction costs. – Bernama