KUALA LUMPUR: PRG Holdings Bhd (PRG) registered a net profit of RM20.4 million in the third quarter (3Q) ended September 30, 2020 (FY20), compared to a net loss of RM4.76 million posted in the same quarter last year.
The company's quarterly revenue rose 237 per cent to RM112.04 million from RM33.25 million, mainly due to the one-off realisation of intercompany revenue, as well as profits and interest income upon the disposal of Premier De Muara Sdn Bhd (PDMSB) to third party in 3Q of 2020.
PRG's nine month cumulative quarter revenue and net profit currently stands at RM160.71 million and RM15.41 million respectively, compared to a revenue of RM75.37 million and net loss of RM17.54 million posted in same period last year.
The group said its segments have been reorganising themselves to meet the operating environment of the new normal, and is optimistic that they will prevail even in view of the pandemic resurgence.
PRG primarily involved in manufacturing, property development, agriculture and fashion apparel businesses.
Its manufacturing and retail segments are continually reviewing the demand and supply situation and applying cost mitigation measures, whereas for property it has shifted its focus into affordable property projects going forward.
PRG has also ventured into the harvesting/logging of teak trees through the acquisition of two parcels of land which was completed on 29 November 2019.
The group is currently moving to finalise and secure demand for the teak logs.