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Land & General swings to profit in 3Q despite falling revenue

KUALA LUMPUR (Feb 23): Land & General Bhd returned to the black in the third quarter ended Dec 31, 2020 (3QFY21) with a net profit of RM7.25 million, compared with a net loss of RM637,000 a year earlier.

Earnings per share stood at 0.24 sen versus a loss per share of 0.02 sen previously, according to the group's filing with Bursa Malaysia today.

The group attributed the earnings to write-backs in its property and other divisions totalling RM4.43 million, as well as the share of profit from associate company, Country Garden Properties (M) Sdn Bhd, of RM1.12 million (versus share of loss of RM290,000 a year ago).

Land & General said quarterly revenue dropped 17.68% to RM30.2 million, from RM36.68 million in 3QFY20, due to lower contribution from the property division.

For the cumulative nine months ended Dec 31, 2020, Land & General's net profit surged 514% to RM26.76 million from RM4.36 million in the previous corresponding period, despite revenue falling 19.5% to RM96.85 million from RM120.31 million.

The decrease in revenue was due to lower contribution from the property division, but profit jumped mainly due to write-backs in other divisions totalling RM17.45 million, Land & General said.

On its prospects, the group said Covid-19 will continue to affect the property market in the near future.

"Nevertheless, the group remained focused on driving sales for its ongoing Seresta and clearing inventories from its Astoria Phase 1 and Sena Parc Phase 1A through various marketing strategies in the coming months," it added.

Shares of Land & General were up half a sen or 4.35% to 12 sen as at 4pm, giving the group a market capitalisation of RM341.9 million.

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