Paramount Corporation Bhd’s net profit rose to RM466.95 million for the first quarter ended March 31, 2020 (Q1 2020) from RM6.17 million in the same period last year.
Meanwhile, its revenue eased to RM122.11 million from RM122.29 million previously.
In a filing with Bursa Malaysia, Paramount said the group’s profit attributable to ordinary equity holders increased by RM460.8 million due to higher profit after tax from discontinued operations, as well as the RM460.6 million gain recognised on the disposal of its pre-tertiary education business.
Moving forward, the group said to face the challenges brought by the COVID-19 pandemic, it has to embrace the new norm and will redefine its business processes, products and service offerings to customers.
“Measures have been taken to protect the health and well-being of the group’s employees, customers, suppliers as well as its financial resiliency during this unprecedented time.
“The divestment of Paramount’s pre-tertiary education business that was completed in February 2020 provides a strong cash buffer which puts the group in a good financial position,” it added.