KUALA LUMPUR: Pilgrims Fund Lembaga Tabung Haji (TH) recorded a net profit of RM500 million in the third quarter of this year, boosting profit for the first nine months to RM1.3 billion.

In a statement today, TH said the positive outcome was a result of ongoing cost-saving measures in its management and administration.

The company also recorded a revenue of RM900 million for the same quarter to total RM2.1 billion in the first nine months of 2019.

TH said the funds were generated mainly from fixed income asset investment (RM1.1 billion), real estate investment (RM400 million), equity investment (RM300 million) and Islamic money market instrument investment (RM300 million).

It said the shift in TH's investment strategy to a more stable investment asset managed to ease the pressure from equity market volatility caused by global trade war tensions.

"Depositors’ support and confidence in TH as an institution that helps Muslims to save for their haj pilgrimage remain intact, with deposits reaching RM70 billion as of Sept 30,2019.

"Throughout the three months in the third quarter of 2019, more than 87,000 new savings accounts were opened, increasing the number of depositors to 9.43 million," it added. - Bernama