Gains from land disposal boosts YTL Land & Development’s profit by over nine times

KUALA LUMPUR (Nov 22): YTL Land & Development Bhd's net profit surged by more than nine times to RM78.43 million in the first quarter ended Sept 30, 2017 (1QFY18) from RM8.56 million a year ago, thanks to gains from land disposal.

In its bourse filing, YTL Land & Development said earnings per share for the quarter under review improved to 6.05 sen from 0.81 sen after its wholly-owned unit Udapakat Bina Sdn Bhd sold a piece of land to the Kuala Lumpur Land Administrator for the Mass Rapid Transit (MRT) project.

Quarterly revenue came in at RM201.99 million, up 185.3% from RM70.81 million recorded a year ago.

According to YTL Land & Development, the Dahlia and U-Thant Place projects, undertaken by its wholly-owned subsidiaries PYP Sdn Bhd and Budaya Bersatu Sdn Bhd respectively, continued to contribute to the group’s revenue in 1QFY18, despite lower revenue recognised from The Fennel project undertaken by Sentul Raya Sdn Bhd as the project is nearing completion.

Moving forward, the group said it expects to achieve satisfactory performance for the financial year ending 2018 (FY18) through property development activities undertaken by its subsidiaries and joint venture.

YTL Land & Development settled unchanged at 55.5 sen, for a market capitalisation of RM460.19 million. — theedgemarkets.com

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