Paramount expects lower profit due to property slowdown

By BUSINESS TIMES

PROPERTY developer Paramount Corp Bhd expects a lower profit this year, due to a slowdown in its property division.

Paramount group managing director and group chief executive officer Datuk Teo Chiang Quan said profits would be bogged down by a less robust property market, amid rising contribution from its education division.

Paramount Corp also owns the KDU group of colleges.

The group’s education division is expected to contribute some 40 per cent to pre-tax profit this year while the rest will come from property development. Last year, the education division contributed some 20 per cent to pre-tax profit.

The group plans to launch some 500 housing units this year with a sales value of RM300 million.

Paramount Corp registered a net profit of RM63.6 million, against revenue of RM367.3 million for the financial year ended December 31 2006.

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