Country View sees 43% increase in 4Q net profit

KUALA LUMPUR (Jan 18): Country View Bhd’s net profit for its fourth quarter financial results for the period ended Nov 30, 2016 (4QFY2016) rose 43.1% to RM9.24 million from RM6.5 million a year ago, due mainly to new sales combined with contributions from the sale of three-storey terrace houses in Taman Nusa Sentral, Johor, which were launched and sold in 4QFY2016.

According to a filing on Bursa Malaysia today, the property developer’s revenue for the quarter swelled 123% to RM52.2 million from RM23.4 million in 4QFY2015 for the same reasons.

For its full financial year (FY2016), the group’s net profit saw an increase of 25% to RM25.9 million versus RM21.16 million the year before, while revenue rose 45.4% to RM161.1 million from RM110.8 million in FY2015.

Moving forward, the group is cautiously optimistic despite the global economic downturn, stringent lending requirements by financial institutions, and weak consumer sentiment.

“The group expects its revenue and profit to be driven by the three-storey cluster houses, three-storey terrace houses, three-storey shop offices and 1 Sentral at Taman Nusa Sentral, Iskandar Puteri,” it added.

Country View rose 1 sen or 0.67% to close at RM1.51 today, with a market capitalisation of RM151 million.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1044024/country-view-sees-43-increase-4q-net-profit

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