KUALA LUMPUR (Aug 28): Land & General Bhd’s first quarter net profit dropped 92% to RM1.79 million, from RM23.67 million a year earlier, mainly because previously there was a one-off  gain from the disposal of MRT land for RM33.61 million.

Earnings per share for the quarter ended June 30, 2018 fell to 0.06 sen from 1.15 sen previously, the group said in a filing with Bursa Malaysia.

Quarterly revenue remained flat at RM22.08 million compared with RM22.01 million a year ago.

The group said its property segment recorded revenue of RM15.45 million following further progress billings and construction progress from its Astoria project in Ampang Hilir.

The project has to-date achieved a take-up rate of 70% based on its Phase 1 launch of 506 units, the group said, adding that plans are afoot to launch Phase 2 of another 506 units by the end of this year.

Land & General said its education segment reported a slight increase in revenue on higher fees for its private school in Bandar Sri Damansara.

Moving forward, in line with its plan to expand its education division, the group is currently constructing a new building and facilities for its international school, next to the private school, which is expected to be completed by the middle of next year.

Land & General’s shares closed unchanged at 20 sen, valuing the group at RM586.93 million. — theedgemarkets.com

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