KUALA LUMPUR (March 3): Paramount Corp Bhd has set its property sales target at RM1 billion for financial year ending Dec 31, 2020 (FY20), helped by some RM1.2 billion worth of launches planned for the year.
Paramount group chief executive officer Jeffrey Chew said today that in FY19, the group sold some RM692 million worth of properties, below its RM1 billion target then.
Chew said Paramount's FY19 property sales had missed the company's target due to "weak demand for its commercial properties”. As at Dec 31, 2019, the group had unbilled property sales of about RM913 million, according to him.
Chew said this here today during a media briefing on Paramount's FY19 results, which were announced to Bursa Malaysia on Friday (Feb 28).
On Friday, Paramount said FY19 net profit rose to RM104.05 million or 17.17 sen a share from RM91.81 million or 15.29 sen a share a year earlier, while revenue was higher at RM705.97 million versus RM632.49 million.
Today, Chew said Paramount aims to have 10% revenue contribution from its overseas projects in the next five years.
He said the group is looking at Thailand's capital Bangkok, Vietnam's Ho Chi Minh City, and Manila in the Philippines.
At Bursa’s 12:30pm break today, Paramount's share price settled two sen or 1.43% lower at RM1.38 for a market capitalisation of RM843.29 million. Paramount's latest-reported net assets per share stood at RM1.88.
1 comments:
Paramount
have ALL element of bullish. Higher revenue + higher profit + low PE valuation < 6x + higher annual dividend payout with yield 5% + special dividend 29sen/share + board director expect 2020 will deliver even stronger result than 2019.