KUALA LUMPUR (May 30): TA Global Bhd's first quarter net profit almost tripled to RM230.15 million, from RM57.56 million a year ago, mainly due to the disposal of an Australian property and a compulsory land acquisition by the federal government.

Earnings per share for the quarter ended March 31, 2018 (1QFY18) jumped to 4.32 sen from 1.09 sen previously, the group said in a stock exchange filing today.

Quarterly revenue rose by more than fourfold to RM973.61 million from RM186.5 million in the previous corresponding quarter.

TA Global said the increase in net profit was mainly due to gain on disposal of a development property in Little Bay, Australia, and the compulsory acquisition by the Malaysian government of a piece of undeveloped land in Petaling Jaya.

Higher earnings were also seen from its property investment and its hotel operations divisions, although the investment holding as well as credit and lending segments reported wider losses before tax.

Going forward, TA Global said it may launch a few property development projects in FY18 "in certain strategic locations within the Klang Valley to ride on the next phase of Malaysia's property cycle".

"We anticipate moderate sales from these property launches," the group said.

Meanwhile, its Little Bay Cove development in Australia, which is 99.4% sold, is expected to be completed and delivered to the purchasers in the third quarter of 2018.

Shares in TA Global closed down 1 sen or 3.23% at 30 sen, giving the group a RM1.6 billion market capitalisation.