LBS Bina 2Q profit up 41% on higher take-up rate of properties

KUALA LUMPUR (Aug 30): LBS Bina Group Bhd's net profit in the second quarter ended June 30, 2017 (2QFY17) jumped 41.07% to RM28.43 million, from RM20.15 million in the same quarter last year, on the back of higher take-up rate across multiple property developments.

Earnings per share (EPS) stood at 4.33 sen in the quarter, against 3.63 sen in 2QFY16. However, no dividend was proposed.

Revenue spiked 57.83% to RM356.09 million from RM225.61 million in the same quarter last year.

For its six-month period ended June 30 (6MFY17), LBS Bina's net profit was 43.74% higher at RM53.2 million, compared with RM37.02 million in the same corresponding period last year. Similarly, half-year revenue was also up by 41.62% to RM603.44 million, from RM426.08 million in 6MFY16.

About 90% of group revenue in 1HFY17 was contributed by LBS Bina's property development division, said the company.

"The improved revenue and PBT for the current quarter and financial period were largely from the ongoing projects with impressive take up rate at Bandar Saujana Putra, D' Island Residence, Cameron Golden Hills, Bandar Putera Indah, Sinaran Mahkota, Midhills, Desiran Bayu and Zenopy Residences," it added.

On prospects, LBS Bina said: "The group's prospects remain positive with its property sales stood at RM799 million as at Aug 28, 2017, total unbilled sales of RM1.395 billion as at July 30, 2017, anchored by 18 ongoing projects and remaining landbank of 4,197 acres."

Shares of the property developer closed 0.52% or 1 sen lower yesterday at RM1.90, giving it a market capitalisation of RM1.29 billion. — theedgemarkets.com

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