Kuala Lumpur, Feb 24 – Titijaya Land Bhd, a Malaysian property developer listed on the Main Market of Bursa Malaysia Securities, announced a 16% increase in its profit after tax (“PAT”) at RM20.4 million for the second quarter ended December 31, 2016 (Q2FY2017), as compared to the RM17.6 million registered in the corresponding period last year.
The increment was mainly due to higher profit recognition from H2O, 3Elements and Embun projects (“Projects”). The Projects have an estimated gross development value (“GDV”) of RM793.99 million, RM435 million and RM98 million respectively.
A filing with Bursa Malaysia showed that the Company recorded a revenue of RM80.7million for Q2FY2017, as compared to RM105.3 million registered in the same period last year. The cost of sales in Q2FY2017 was lower at RM42.4 million, than RM71.4 million incurred in the corresponding period last year.
For its six-month financial year ending June 30, 2017 (“6MFY2017”), the Company’s revenue stood at RM188.2 million, as compared to RM189.8 million a year ago. The PAT achieved was at RM40.5 million, as compared to RM38.3 million in 6MFY2016.
Commenting on the latest financial result, Group Managing Director Tan Sri Lim Soon Peng says: “The current property market is undergoing a consolidation period. However, the Board believes that the Group will be able to capitalise on future opportune land-banking activities and the upcoming development launches that will enhance the Group’s value incrementally.”
“We are hopeful that the Group’s performance for the financial year ending 30 June 2017 will be satisfactory through the continuous sales and existing project progress recognition.”
He adds with the upcoming business strategies to maintain and extend the Company’s competitive advantage, a sales target of RM300 million set for FY2017 is realistic and achievable.
“We will also be working through strategic partnerships that allow us to manage our working capital more efficiently,” he notes.