PRG Holdings upbeat on 2016 outlook

PETALING JAYA: PRG Holdings Bhd, formerly known as Furniweb Industrial Products Bhd, expects to at least maintain its financial performance this year in anticipation of better manufacturing business coupled with the diversification into the construction and property industry.
Last year, PRG's net profit came in at RM6.08 million, more than doubled from RM2.37 million in 2014, attributed to higher manufacturing sales and progressive revenue from its maiden property project, the "Picasso Residence" in Kuala Lumpur.
Speaking to reporters after the company's AGM here today, managing director Datuk Lua Choon Hann said there will be more property projects in the pipeline, which he could not reveal as yet.
"We are always talking to people for new joint ventures and landbanking," he noted.
Lua said 60% of the  "Picasso Residence" units has been sold despite the current challenging property market. This is due to 80% to 90% of the sold units taken by overseas buyers.
PRG is the manufacturer of accessories and bi-products for the furniture, textile, medical, automotive and food industries as its core business.