KUALA LUMPUR (April 25) : Country View Bhd, a real estate developer, posted an almost eight-fold increase in first quarter net profit from a year earlier on higher property sales.
In a statement to the exchange on Wednesday, Country View said net profit came to RM5.95 million versus RM761,000 previously as revenue almost tripled to RM37.87 million from RM14.2 million.
“Barring unforeseen circumstances, the group expects its performance for the financial year ending November 30, 2012 to improve further,” Country View said.
The company said this is in anticipation of revenue and profit recognition from the sale of its property development projects in Johor.