KSL rises 2% after chairman predicts record profit

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KUALA LUMPUR (Dec 8): KSL Holdings Bhd rose as much as eight sen or 2% to RM4.34 before erasing gains.

Shares of the property developer rose after The Edge Financial Daily (Edge FD) reported today the Johor firm expected to post a record high net profit this financial year ending December 31, 2014 (FY14).

KSL shares, however, settled lower at RM4.20 at 11am with some 120,000 shares changing hands.

The stock had tracked the broader market's decline. The FBM KLCI fell 8.76 points or 0.5%

Edge FD, quoting KSL executive chairman Ku Hwa Seng, reported that the developer also expected another record year in FY15.

Ku said KSL had RM6 billion worth of new property projects to be launched between FY15 and FY16.

“Next year looks positive – we are set to launch RM6 billion worth of new property projects in 2015-2016, consisting of high-rise apartments, commercial and landed properties,” Ku said.