KUALA LUMPUR (Aug 25): Property developer Yong Tai Bhd recorded a 45% jump in net profit to RM3.43 million in its fourth quarter ended June 30, 2017 (4QFY17), from RM2.36 million a year ago.
Revenue surged 24 times to RM67.24 million from RM2.78 million, thanks mainly to the en-bloc sale of 262 retail lots in Terra Square, a commercial mall fronting its Impression Melaka theatre and the Straits of Malacca.
For the FY17, net profit grew 80% year-on-year to RM6.59 million from RM3.67 million, with revenue up 388% to RM87.61 million from RM17.94 million.
Yong Tai group chief executive officer Datuk Wira Boo Kuan Loon said the improved earnings was because development of its Impression City has started, like the mall and the newly launched Amber Cove serviced apartment.
Progress billings from an ongoing project, The Apple, which is adjacent to a four-star hotel being built, i.e. Courtyard by Marriot, also added to the growth, he said in a statement.
This article first appeared in The Edge Financial Daily, on Aug 25, 2017.