KUALA LUMPUR: Malton Bhd’s net profit for the first quarter ended Sept 30 (1Q15) more than tripled to RM15.11 million, from RM4.06 million in the previous corresponding quarter, buoyed by completion of certain parcels of land disposals for RM35.7 million in September, according to its filing with Bursa Malaysia.

Revenue also came in 22.5% higher at RM111.59 million, compared with RM91.11 million.

While revenue and profit from the property development division doubled to RM70.8 million – compared with RM35.2 million – during the quarter, numbers from the construction and project management division, due to lower billings as a result of the completion of the Jaya 14 project.

The construction division’s revenue fell to RM39.14 million from RM53.26 million, while segment operating profit also dipped to RM2.62 million from RM5 million.

“The share of results of associated companies during the quarter declined to a loss of RM0.2 million as compared to profit RM0.8 million reported in the previous corresponding quarter,” Malton added.

On prospects, Malton said ongoing development projects namely The Cantonment in Penang, Nova Saujana in Subang, Bukit Jalil City in Kuala Lumpur and SK One Residence in Seri Kembangan, together with the on-going construction contracts in hand, will continue to contribute positively to its earnings for the financial year ending June 30, 2015 (FYE 2015).

“Barring unforeseen circumstances, the Board of Directors envisages the Group to achieve satisfactory results for the FYE 2015,” it noted.

Malton went up two sen or 1.96% at RM1.04, giving it a market capitalization of RM436.58 million.