Titijaya Land kicks off FY19 on lower note

KUALA LUMPUR (Dec 1): Property developer Titijaya Land Bhd saw a marginal 1.9% decline in net profit to RM11.73 million in the first financial quarter ended Sept 30, 2018 (1QFY19) from RM11.97 million a year ago, on lower contribution from the property development segment and losses recorded from the other operation segment.

Earnings per share also came in lower at 0.87 sen for 1QFY19 compared with 2.92 sen for 1QFY18.

Quarterly revenue fell 34.9% to RM67.09 million in 1QFY19 from RM102.99 million a year ago, mainly due to the H2O project nearing completion, lower recognition on new projects namely 3rdNvenue — New Suites, Park Residency and Riveria — Phase 1 as these projects are still at early stage of construction.

On prospects, Titijaya said the group's long-term growth prospect remains positive based on a strong competitive position and consistent demand for the type of residential properties the group has offered.

"Moving into the financial year ending June 30, 2019 (FY19), the group is cautiously optimistic and confident of the future performance, given that most of the land banks are located in prime growth areas which are well-developed and connected with public transportation facilities," it added.

Titijaya shares closed 0.5 sen or 1.61% lower at 30.5 sen today, giving it a market capitalisation of RM403.16 million. Year to date, its share price has fallen 56%.