KUALA LUMPUR (Feb 17): Goldis Bhd’s net profit for the fourth quarter ended Dec 31, 2014 (4QFY14) came in at RM45.33 million, on revenue of RM323.8 million.

However, there was no apple-to-apple comparison with the preceding year, because Goldis’ (fundamental: 0.85/3; valuation: 1.2/3) fiscal year end was previously in January.

In the two months ended Dec 31, 2013, Goldis made a net profit of RM11.71 million on the back of RM249.16 million in revenue.

In FY14, Goldis reported net profit of RM102.17 million or 16.93 sen per share, on revenue of RM1.29 billion. For illustrative purposes, the 11-month period ended Dec 31, 2013, saw Goldis chalking up net profit of RM101.24 million or 17.26 sen per share. Its revenue in the period was RM1.11 billion.

Of its three business segments — namely property investment and management of retail and commercial, property development, and hotel — only the latter reported a drop in profit. This was due to its decision to redevelop the 30-odd-year-old Pangkor Island Beach Resort Hotel, resulting in a write-off of the hotel’s assets worth RM43.8 million in FY14.

The one-off matter aside, Goldis said it managed to sustain its hotels’ occupancy rate and average room prices, although the figures were not included in the 4QFY14 notes.

Looking ahead, Goldis said it is cautiously optimistic with its FY15 performance, although the year is expected to be challenging. It also acknowledged that the property development segment will face “a tough year” ahead.

Today, Goldis was up two sen or 0.9% at RM2.24 upon closing, making its market capitalisation RM1.31 billion.
 
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)