LBS Bina 3Q net profit up 27% on contribution from ongoing projects

KUALA LUMPUR (Nov 28): LBS Bina Group Bhd's third-quarter net profit rose 26.5% year-on-year, largely contributed by its ongoing projects within the Klang Valley, Pahang and Johor, which saw impressive take-up rate.

The projects included Bandar Saujana Putra, D' Island Residence, Bandar Putera Indah, Sinaran Mahkota, Midhills, Desiran Bayu and Zenopy Residences, it said.

The property developer posted a net profit of RM25.88 million in the three months ended Sept 30, 2017 (3QFY17) from RM20.46 million a year ago. Earnings per share rose to 3.9 sen from 3.57 sen in 3QFY16.

Quarterly revenue also grew 43.5% to RM351.97 million in 3QFY17 from RM245.27 million in 3QFY16.

For the cumulative nine months (9MFY17), the group's net profit increased 37.6% to RM79.09 million from RM57.47 million a year ago, while revenue was up 42.3% to RM955.41 million from RM671.35 million in 9MFY16.

In a filing with Bursa Malaysia yesterday, LBS Bina said property development remains the key driver of its business operations, accounting for some 90% of the group's total revenue for 9MFY17.

On prospects for the current financial year ending Dec 31, 2017 (FY17), LBS Bina said as property development is the key driver of its business operations, its prospects remain positive with total property sales of RM1.33 billion and total unbilled sales of RM1.62 billion, anchored by 22 ongoing projects.

The group has a total landbank of 3,856 acres, of which 43% are located in Selangor and Kuala Lumpur, 39% in Johor and 12% in Perak. The remaining 6% of its land bank are located in Pahang and Sabah.

LBS Bina shares closed 0.5% or one sen higher at RM2.18 yesterday, valuing it at RM1.48 billion. — theedgemarkets.com

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