Titijaya 4Q net profit up on contribution from completed projects

KUALA LUMPUR (Aug 31): Property developer Titijaya Land Bhd recorded a net profit of RM17.01 million for the fourth quarter ended June 30, 2017 (4QFY17), up 14.1% from RM14.9 million in its corresponding period last year, on the back of contribution from its completed projects.

Consequently, earnings per share improved to 4.31 sen from 4.18 sen a year ago, although there was no dividend declared for the quarter in review.

In a filing with Bursa Malaysia today, Titijaya said the increase in net profit was mainly attributed to the group's completed projects during the financial year, namely 3Elements, Seri Alam Phase 1 & II, Zone Innovation Park and progressive recognition from project H2O.

Quarterly revenue stood at RM122.05 million, increased by 14.5% from RM106.62 million in 4QFY16.

For the cumulative financial year period (FY17), Titijaya registered a net profit of RM76.74 million, representing 11.7% increase as compared to RM68.34 million in FY16, despite a 4.8% drop in revenue to RM380.75 million from RM400 million.

Titijaya group managing director Tan Sri Lim Soon Peng is optimistic that the company will perform positively for the next financial year, backed by its strong outstanding unbilled sales of RM409 million and the achieved sales of RM355 million in FY17, exceeding the RM300 million target sales as predicted by the group.

"Thus, the board believes the group's performance for the financial year ending June 30, 2018 will have a positive impact through the continuous sales and existing project progress recognition based on our ongoing and upcoming projects," Lim added.

Titijaya has in its pipeline a slew of projects with a total gross development value of RM1.75 billion to be launched in FY18. — theedgemarkets.com

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