Better cost management lifts Titijaya’s 3Q net profit

KUALA LUMPUR (May 26): Better cost management has helped lift Titijaya Land Bhd’s net profit by 26.77% to RM19.23 million for its third quarter ended March 31, 2017 (3QFY17), from RM15.17 million a year earlier.

Earnings per share rose to 4.92 sen from 4.3 sen, the property developer said in a filing with Bursa Malaysia today. 

Quarterly revenue, however, declined by 32% to RM70.48 million, from RM103.65 million previously. 

Cumulative net profit for the first three quarters (9MFY17) rose 11.77% to RM59.72 million, from RM53.43 million in 9MFY16, on higher profit recognition from its H20 and 3Elements property projects. 

Revenue during the period dipped 11.84% to RM258.7 million, from RM293.46 million a year ago. 

In a separate statement, Titijaya managing director Tan Sri Lim Soon Peng said the group “is on the right trajectory to achieve RM300 million sales target for FY17”.

Lim also expects the group’s FY17 results to be better than FY16, through continuous sales and existing project progress recognition.

“Based on our latest preview, it appears that the property market in Malaysia outlook is turning positive and is regaining some buoyancy, especially in the affordable low unit price segment. 

“For instance, our 3rdNvenue Embassy Row Project received staggering reception during a private preview session held earlier,” he said, adding that the group aims for more strategic partnerships and to further expand its landbank.

Titijaya has in the pipeline, a slew of projects with a total gross development value of RM1.8 billion, to be launched in FY18.

Shares of Titijaya were 1 sen or 0.62% lower at RM1.61 as at 3.30pm, giving the group a market capitalisation of RM641.3 million. — theedgemarkets.com

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