KUALA TERENGGANU: Terengganu’s state-owned investment holding company Terengganu Incorporated Sdn Bhd (Terengganu Inc) is targeting a pre-tax profit of RM61.5mil this year on a projected revenue of RM1.67bil.

       President and executive director Burhanuddin Hilmi Mohamed @ Harun said the target was realistic based on the revenue of RM1.2bil recorded last year due to the positive economic growth momentum.

       He is optimistic that the target could be achieved due to the encouraging revenue recorded by 30 subsidiaries of Terengganu Inc in the first quarter of this year, amounting to RM351mil.

       “The companies in the plantation sector have recorded a profit of more than 50% in the first quarter compared to the same period last year following the increase in palm oil price of up to RM5,300 per tonne.

       “The plantation cluster involving TDM Bhd and Ladang Rakyat Terengganu Sdn Bhd also recorded profits of RM40.1mil in the first quarter of this year,” he told Bernama yesterday.

       Besides plantations, two hotels owned by Terengganu Inc, namely Primula Beach Hotel and Permai Hotel, also showed a remarkable increase in revenue of RM7.2mil in the same period.

       Burhanuddin said the hospitality sector was expected to continue contributing to the increase in the group’s revenue this year following the reopening of the country’s borders and the promotion carried out by the Terengganu Tourism Department.

       Oil and gas and forestry-related companies contributed revenues of RM74mil and RM8mil, respectively, in the first quarter of this year, he added.