Posted on September 27, 2016
Shares of Selangor Dredging Bhd (SDB) fell 5.64% in thin trade early Friday after its net profit plunged 79% to RM4.6 million in the first quarter ended June 30, 2016 (1QFY17), from RM21.49 million in 1QFY16, primarily because the previous year had recorded a gain of RM13.69 million from land disposal.
At 9.19am Friday, SDB lost 5.5 sen to 92 sen with 21,000 shares done.
Revenue for the quarter slipped 4% to RM61.35 million, from RM64.11 million, which it attributed to to completion of the groups Windows on the Park project in Bandar Tun Hussein Onn here.
Going forward, the group expects the remainder of its financial year to be challenging, considering the generally softer economic sentiment, weaker ringgit and tighter lending policies by financial institutions.
The group said it has approximately RM351 million in unbilled sales.