LBS Bina’s 1Q net profit soars 47%
KUALA LUMPUR (May 31): LBS Bina Group Bhd’s net profit soared 47% to RM24.77 million in the first quarter ended March 31, 2017 (1QFY17) from RM16.86 million in the previous corresponding quarter.
The big jump in net profit was driven by higher revenue from the its property development projects.
The developer’s quarterly revenue grew 23.4% to RM247.35 million from RM200.47 million a year ago, according to the filing with Bursa Malaysia this evening.
Some of the group’s projects include Bandar Saujana Putra, D’ Island Residence, Cameron Golden Hills, among others.
LBS Bina said it has 17 ongoing projects and unbilled sales of approximately RM1.41 billion as at April 30, 2017.
“The group is confident of achieving further improvement in its financial performance for the financial year ending 31 December 2017,” it said regarding its prospects.
LBS’s share closed at RM2.05 yesterday, for a market capitalisation of RM1.37 billion. The stock is currently hovering at its highest level since 2000. — theedgemarkets.com
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