KUALA LUMPUR (Oct 27): Gadang Holdings Bhd saw its net profit tumble some 20% to RM16.62 million or 6.46 sen per share for the first quarter of its financial year ended 31 May 2017 (1Q FY17) from RM20.86 million or 9.61 sen per share. Gadang’s earnings per share for the quarter were down to 6.46 sen per share compared with 9.61 sen per share in the previous year’s corresponding quarter. On Oct 13, Gadang had secured the development rights for a 24.08-acre plot of land in Kwasa Damansara, Sungai Buloh from Kwasa Land Sdn Bhd. Gadang is expected to give Kwasa Land a total financial return of RM165 million for both the land cost and profit sharing to the company. Gadang closed up 1 sen or 0.3% at RM3.29 today for a market capitalisation of RM850.87 million.

Source: The Edge Markets October 27, 2016 12:51 UTC