Grand-Flo Q2 earnings jump five fold

PETALING JAYA: Tracking solutions provider and property developer Grand-Flo Bhd's second quarter net profit jumped five fold to RM931,000, from RM177,000 in the previous corresponding quarter, largely driven by higher revenue in the group's property development division.
In a filing with Bursa Malaysia yesterday, the group said the increase in the property development division's revenue for the quarter was mainly contributed by the Vortex project of its unit Innoceria Sdn Bhd.
The project, comprising a four-storey semi-detached shop offices and four-storey light industrial factories, has a gross development value (GDV) of RM220 million.
Grand-Flo's revenue for the quarter increased 22.3% to RM20.2 million, compared with RM16.56 million previously, mainly contributed by its label business segment's 10.1% sales growth and its property development division's turnover of RM4.5 million during the quarter.
For the six month period ended June 30, 2015, the group's net profit was up 70% to RM5.96 million from RM3.51 million, while revenue increased 54% to RM47.5 million from RM30.8 million last year.
Commenting on its prospects, Grand-Flo maintains its positive outlook for the financial year ending Dec 31, 2015, despite the challenging economic conditions locally and regionally.
The counter closed lower 1.96% or 0.005 sen at 25 sen, with some 270,000 shares traded.