Paramount Posts Profitable 3Q As Property Sales Rebound And Construction Works Resume

KUALA LUMPUR (Nov 27): Paramount Corp Bhd returned to the black with a net profit of RM19.82 million in its third quarter ended Sept 30, 2020 (3QFY20), after the the property developer slipped into a net loss of RM3.7 million in the preceding quarter ended June 30.

The improved earnings come as quarterly revenue tripled to RM218.87 million from RM64.20 million in 2QFY20, its bourse filing showed, following the resumption of construction activities for a full quarter, coupled with strong sales from new property launches.

Even on a year-on-year basis, Paramount’s revenue is up 39.3% from 3QFY19’s RM157.12 million, thanks to higher property sales, which lifted the group’s profit before tax from its continuing operations to RM36.6 million, about five times the RM7.4 million it recorded previously.