JKG Land's 3Q back in black with RM2.7m net profit on property development gains

KUALA LUMPUR (Dec 21): Stronger property development contribution lifted JKG Land Bhd’s earnings. It posted a RM2.72 million net profit in its third quarter ended Oct 31, 2017 (3QFY18) compared to a RM835,000 net loss a year ago.

Earnings per share stood at 0.12 sen versus 0.11 loss per share in 3QFY17.

Quarterly revenue soared 282.82% to RM14.15 million from RM3.69 million last year, JKG said in a filing with Bursa Malaysia today.

For the cumulative nine-month period (9MFY18), net profit rose 9.75% to RM11 million from RM10.03 million last year on the back of RM53.94 million revenue, up 25.07% from RM43.13 million in 9MFY17.

JKG said although the property market would be slow, it is confident that its impact will be manageable as market fundamentals remain resilient.

The group will continue to grow its business in view of the strategic locations of its properties and the brand premium it has established.

It expects positive performance for the financial year ending Jan 31, 2018 (FY18) from its existing projects.

JKG shares closed half sen or 5.56% higher at 9.5 sen for a market capitalisation of RM216.11 million. — theedgemarkets.com

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