Mutiara Goodyear Development Bhd recorded a net profit of RM5.8 million in the first quarter ended July 31st, 2008, a 163.7 per cent increase from RM2.2 million in the previous corresponding period.

Its revenue decreased by 42.6 per cent to RM35.6 million, from RM62.0 million in the same period last year.

Chief executive officer Kee Cheng Teik said the profit growth was attributed to the sales derived from its Mutiara Gombak project. The project, which comprises 140 semi-detached and 181 terraced houses, has been 100 per cent taken up at a good profit margin.

Mutiara Goodyear remains optimistic of its performance in future, said Kee in a statement. The group is encouraged by the recent overall take up rate of more than 60 per cent of its Prima Avenue project in Kelana Jaya, which is a commercial development comprising business suites and retail outlets with an overall gross development value (GDV) of RM120 million.

Meanwhile, the group is finalising several projects to be launched next year. These projects, with a total GDV of RM2.5 billion include Nadayu Melawati in Kajang, mixed residential projects in Seberang Prai and Penang, as well as a commercial development in Sunway Commercial Centre in Petaling Jaya.