KUALA LUMPUR (Nov 26): Land & General Bhd announced a better result for its second quarter ended Sept 30, 2020 (2QFY21) with a jump of 253% q-o-q and 32% y-o-y in revenue to RM51.9 million.

According to a press statement released by the group, the better revenue performance is largely due to the completion and handing over of the vacant possession for Astoria Ampang Phase 1 and Sena Pac Phase 1A during the quarter.

Meanwhile, the group’s pre-tax profit for 2QFY21 was RM21 million, up 313% compared to RM5.1 million in 1QFY21 and 192% higher compared to RM7.2 million for 2QFY20.

The group said that the pre-tax profit was boosted by write-back of impairment loss on amount due from its Australian operations of RM9.8 million in this quarter.

“This is also partially set off by an additional provision of RM2.7 million relating to the fair value of its investment cost in Vietnam Industrial Investments Ltd, a quoted stock on the Australian Stock Exchange, the trading of which has been suspended since September 2019,” L&G noted.

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