KUALA LUMPUR (Feb 24): Titijaya Land Bhd announced a 16% increase in profit after tax (PAT) of RM20.4 million for the second quarter ended Dec 31, 2016 (2QFY2017), compared with the RM17.6 million in the corresponding period last year.
This was mainly due to higher profit recognition from the H2O, 3Elements and Embun projects. The three 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 Titijaya recorded a revenue of RM80.7 million for 2QFY2017, compared with the RM105.3 million registered over the same period last year. For its 6-month financial year ending June 30, 2017 (6MFY2017), the company’s revenue stood at RM188.2 million, compared with RM189.8 million a year ago. The PAT achieved was RM40.5 million, compared with RM38.3 million in 6MFY2016.
“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,” said Titijaya group managing director Tan Sri Lim Soon Peng in a press release.
He said 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 added.