KUALA LUMPUR (Dec 17): Shares in JKG Land Bhd rose 12.5% in active trade this morning after the company’s net profit for the third quarter ended Oct 31, 2019 surged to RM3.03 million from RM705,000 a year earlier.
At 9.30am, JKG Land rose 1 sen to 9 sen, valuing it at RM204.74 million.
In a bourse filing yesterday, JKG Land said revenue for the quarter rose 23% year-on-year to RM31.17 million from RM25.31 million previously.
For the nine months ended Oct 31, JKG Land posted net profit RM10.04 million versus RM490,000 on the back of revenue RM126.61 million against RM61.07 million a year earlier.
Reviewing its performance, JKG Land said its higher revenue and net profit were contributed by its property development segment.
On its prospects, JKG Land said under the prolonged global and domestic uncertainties, the property market is expected to remain subdued in the subsequent periods of FY2020.
“With the introduction of various government incentives to boost home ownership in the recent National Budget, the Group will continue to focus on being market-driven in its products offerings whilst continue to unlock the value of its landbank at strategic locations across the Klang Valley and Northern Regions.
“Against the backdrop of the challenging business environment, the Group expects to deliver satisfactory performance for FY2020,” it said.