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KUALA LUMPUR: Property firm Paramount Corp Bhd made a pre-tax profit of RM10mil in the second quarter ended June 30.
Revenue doubled to RM127mil from RM64mil a year ago.
"The improved financial performance in 2Q2021 compared to the same period last year was mainly attributed to the low base of last year and the less severe disruptions to the Group's operations as a result of containment measures implemented to curb the spread of Covid-19," Paramount said in a filing today.
Despite the on-going pandemic, the Group's property sales for the first half of 2021 was 63% higher than the same period last year.
"This strong sales momentum, however, could be disrupted by weakened consumer and business sentiments as well as lengthened sales conversion and project approval amid the prolonged movement restrictions," Paramount said.
The group said unbilled sales of RM1bil as at June 30 will provide some visibility on the Group's cashflow in the near term, although the pace at which this can be converted into billings would depend largely on the construction progress of the projects.
As at end of June, the Group has 551.1 acres of undeveloped land.
Separately, Paramount announced it has appointed Benjamin Teo, 32, as its new deputy CEO. He is the son of the late Datuk' Teo Chiang Quan who is a major shareholder of the company.
Benjamin was appointed to the board in August, 2019 as an executive director.
Since March this year, he has assumed the overall responsibility of formulating and implementing strategic and operational plans for Paramount Property, and navigating this business segment into the next phase of growth.