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Thursday, November 29, 2007

Higher plantation, property contributions boost Keck Seng 3Q profits

KUALA LUMPUR: Keck Seng (Malaysia) Bhd’s net profits for the third quarter ended Sept 30, 2007 nearly doubled to RM21.32 million from a year ago, on higher income from its property development and plantation business.

This brought net profits for the first nine months of the year to RM58.05 million, up 72% from the same period last year. The jump was partly due to higher dividend income and gains from quoted shares sold under a mandatory takeover offer in the second quarter, the company said in a filing to Bursa Malaysia yesterday. Earnings per share rose to 24.24 sen from 14.11 sen before.

Revenue for the nine months rose 34.5% to RM798.48 million from RM593.81 million before as the company recognised more income from property sales and its refined oil fetching higher prices.

The company expects its plantations segment to perform better in the fourth quarter. It also expects to maintain contributions from its property development, property investment and hotel segment in the current quarter ending December 31.

“Barring any unforeseen circumstances, the performance for 2007 should be better than the preceding year,” it added.

It did not recommend any dividend yesterday.


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