KUALA LUMPUR (Aug 24): Matrix Concepts Holdings Bhd's net profit dropped 12% to RM45.55 million in the first quarter ended June 30, 2017 (1QFY18) from RM51.92 million a year earlier as revenue fell on lower property development income.

Matrix Concepts told Bursa Malaysia today that higher selling and marketing expenses and finance cost also curbed profit growth. Matrix Concepts said group revenue was lower at RM172.86 million versus RM196.23 million.

"The reduced financial performance was mainly attributed to slower stage of completion and thus lower billings from the group's development projects of residential and commercial properties. However, gross profit margin improved as a result of product mix of increased sales of higher-premium residential properties," Matrix Concepts said.

The company said "selling and marketing expenses increased to RM9.2 million in the financial period under review from RM5.6 million incurred in the previous year, attributed to additional property roadshows and increased publicity and advertisement activities; and finance costs increased to RM2.2 million in the financial period under review from RM700,000 in the previous year, attributed to higher utilisation of banking facilities during the financial period."

The group announced a dividend of 3.25 sen a share for the quarter in review.

The ex and payment dates fall on Sept 12 and Oct 11 this year respectively. — theedgemarkets.com

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