Farlim to post better earnings in FY16

SUBANG JAYA (June 24): Farlim Group Bhd expects the financial year ending Dec 31, 2016 (FY16) to be better with an increase in profit.

Its chairman and chief executive Tan Sri Lim Gait Tong said the increase would be driven basically by cash-based investments, ongoing projects which are nearing completion and new ventures, as well as fresh launches in the pipeline.

“We have two ongoing projects in Penang and Selangor, and a new launch in Perak that are expected to give good returns to company revenue this year,” he told reporters after Farlim’s annual general meeting yesterday.

Its group executive director and deputy chairman Datuk Seri Mohamed Iqbal Kuppa Pitchai Rawther said basically, Farlim is a profitable company, although its FY15 performance was not as high as in previous years.

For FY15, Farlim registered a lower pre-tax profit of RM18.23 million from RM47.16 million previously. Revenue was at RM46.39 million versus RM24.91 million in FY14.

“We are a cash-rich company with over RM100 million in hand and waiting for the right time to make investments, especially in land acquisition.

He said the group is looking for land in Penang, Perak, Kuala Lumpur and Selangor.

Lim said going forward, the group would continue with efforts in the development of affordable and quality houses to cater to the needs of the middle-income group.

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This article first appeared in The Edge Financial Daily, on June 24, 2016. Subscribe to The Edge Financial Daily here.

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