KUALA LUMPUR (June 30): TA Enterprise Bhd’s net profit soared 70.2% year-on-year (y-o-y) to RM57.7 million in the first quarter ended Apr 30, 2014, from RM33.9 million.

Revenue jumped 16.3% y-o-y to RM210.4 million from RM180.9 million.

In a statement to Bursa Malaysia, the firm said the significant increase in net profit was mainly attributable to contribution from broking and financial services, credit and lending, hotel operation, and investment holding division.

“The global economy is expected to be challenging, resulting from the rollback of the quantitative easing in US and slower than expected growth in China,” said TA Enterprise on prospects for the current financial year.

“However, the domestic economy is expected to be resilient because of sustainable domestic demand and recovery in exports due to the weakening of the Ringgit against US dollar,” it said.