LBS Bina’s 1Q net profit more than doubles

PETALING JAYA (May 20): Property developer LBS Bina Group Bhd recorded a revenue of RM402.6 million and profit after tax of RM32.9 million in first quarter in its financial year ending Dec 31, 2021, a year-on-year increase of 34.8% and 184.9% respectively.

In a media statement today, the company said despite a year disrupted by the Covid-19 pandemic, the property development segment marched on strongly upon the relaxation of the movement control order, with positive take up rates and steady construction progress.

The segment recorded a revenue and profit before tax (PBT) of RM390.4 million and RM54.6 million respectively. In comparison to the first quarter last financial year, the revenue and PBT were 37% and 86.3% higher.

Construction progress, which picked up steady pace from the second half of 2020, recorded an increase in PBT from RM1.4 million to RM13.0 million in the same period under review. 

LBS executive chairman Tan Sri Lim Hock San (pictured) said it has not been an easy period for businesses but with immense efforts and careful strategic planning by the LBS team, the positive results are well-deserved.

“As vaccinations within the public increase, we are cautiously optimistic that we will be able to return to pre-pandemic normality soon. Nevertheless, we are steadily moving forward with our development projects, while continuously ensuring the health and safety of our staff and workers,” he said in the statement.

As of 31 March 2021, LBS has unbilled sales of RM2.1 billion and 19 on-going development projects with an estimated gross development value of RM5.14 billion.

“We currently garnered RM421 million sales and bookings in the pipeline of RM453 million. It is indeed pleasing to note that our projects such as KITA @ Cybersouth, LBS SkyLake Residence, Residensi Bintang Bukit Jalil and Bandar Putera Indah are well received by homebuyers.

We are constantly looking to strike a balance between bringing our development projects into fruition while ensuring a healthy cash flow within LBS. With a disciplined approach towards our cash management, we are optimistic that we will be able to develop more affordable properties to meet market demand,” he added.

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