KUALA LUMPUR (Oct 24): Selangor Properties Bhd has requested that trading of the company’s shares be suspended from 9am tomorrow, pending the release of a material announcement.

In a filing with Bursa Malaysia, Selangor Properties, known for developing Pusat Bandar Damansara office complex in the 1980s, said the stock exchange has approved of its trading suspension request.

Last month, the group reported that its net profit surged 70.2% to RM33.2 million in the third financial quarter ended July 31, 2018 (3QFY18) from RM19.51 million a year ago, mainly due to higher foreign exchange (forex) gain of RM16.3 million.

Earnings per share rose to 9.66 sen for 3QFY18 from 5.68 sen for 3QFY17.

Revenue for the quarter under review grew 23.5% to RM39.36 million from RM31.86 million in 3QFY17, mainly due to higher contribution from its Australian operations and higher property development revenue achieved in Malaysia.

However, forex losses of RM37.5 million recognised from the group's overseas investments dragged down the group's results for the cumulative nine months (9MFY18) to a net loss of RM1.1 million compared with a net profit of RM72.16 million a year ago. In 9MFY17, the group saw a forex gain of RM30.1 million.

Meanwhile, revenue for 9MFY18 rose 12.5% to RM106.77 million from RM94.94 million in 9MFY17.

In the same month, Selangor Properties told the bourse about the demise of its former executive chairman Puan Sri Chook Yew Chong Wen, who owned 68% stake of the public-listed property developer through Kayin (M) Sdn Bhd.

According to Selangor Properties’ annual report, the stake is controlled by trusts with herself and her family members as the beneficiaries.

Chook retired from the group’s board in December last year at the age of 95 and she was succeeded by her son Wen Chiu Chi.

The group’s share price slipped one sen or 0.25% to close at RM4.06 today, giving it a market capitalisation of RM1.36 billion. Year-to-date, the counter has fallen by 17% from RM4.90 on Dec 29 last year.