Gadang’s 2Q net up 88% to RM3.5m

GADANG HOLDINGS BHD’s (GHB) net profit surged 88% to RM3.52 million in its second quarter ended Nov 30, 2009 from RM1.87 million a year earlier mainly due to lower cost.Revenue fell 6.9% to RM62.37 million from RM66.98 million, while basic earnings per share (EPS) rose to 2.98 sen from 1.59 sen. No dividend was declared.For six months to Nov 30, 2009, net profit rose 67% to RM7.37 million from RM4.42 million a year earlier mainly due to improved gross profit margins in the CONSTRUCTION division and cost savings. Revenue growth was relatively flat at RM120.78 million versus RM119.94 million previously.