Popular Holdings swung to a full-year profit of $40.1 for the full year ended 30 April 2010 (FY2010) from a loss of $19 million in FY2009.

Total group turnover improved 14.3% to $514.6 million from $450.3 million.

Property development was the main contributor to growth, recording $28.6 million of operating profits, which included a fair value impairment writeback of $21.7 million.

The division recognised sales revenue of $41.4 million from the group’s maiden project “One Robin”.

When market condition turns favourable, the group says it will likely market its 18 Shelford and 8 Raja together later this year. 18 Shelford is expected to obtain TOP around September.

Revenue for the retail and distribution division grew 6.4% to $418.4 million in FY2010 from $393.3 million in FY2009 as 13 more outlets were added during the year in Singapore, Malaysia and Hong Kong, bringing the total number of stores to 133. Non-profit generating stores were closed.

In the publishing and e-learning division, turnover decreased to $67.6 million in FY2010 from $71 million in FY2009, due largely to weak performance in sales of school textbooks in Hong Kong.

Popular says it is conserving cash for further expansion, future acquisitions, strategic collaborations and/or investments as and when such opportunities arise, hence the rights issue in February.

The company adds that although the increase in Consumer Price Index across the main regions which the group operates in suggests that the economy is gradually recovering, it is mindful of the possible challenges and uncertainties ahead.

In the forthcoming year, the group plans to expand its retail footprints across Malaysia. The group will also continue to adopt a heightened and disciplined approach towards risk management and operational efficiency.

Popular has recommended a final ordinary dividend of 0.2 cents, making up a total annual dividend of 1.2 cents.