Selangor Properties shares fall on lower Q3 net profit
27 Sep 2017 / 11:13 H.
PETALING JAYA: Shares of Selangor Properties Bhd fell 0.62% this morning, after the group's net profit in the third quarter ended July 31, 2017 fell 54.6% to RM19.51 million from RM42.98 million a year ago.
At 10.41am, the stock stood at RM4.77 with 12,800 shares changing hands. Its market capitalisation stood at RM1.6 billion.
The group said the lower net profit was mainly due to a decrease in profits from its investment holding business as a result of lower foreign exchange gains of RM2.9 million compared with RM31.8 million in the previous year's corresponding quarter.
Nevertheless, it said the property investment division of the group is expected to remain stable and will continue to contribute positively to the group.