L&G's net profit doubled for FY2021

PETALING JAYA (June 1): Property developer Land & General Bhd (L&G)'s net profit for the financial year ended March 31, 2021 (FY2021) has doubled to RM30.45 million from RM14.89 million a year ago.

In a press statement, the group’s full year revenue for 2021 decreased by 3% to RM134.8 million, from RM139.7 million a year ago, due to delivery of vacant possession of two projects – Astoria Ampang Phase 1 in Ampang, Kuala Lumpur, and Sena Parc Phase 1A in Senawang, Negeri Sembilan

For the final quarter of FY2021, its net profit was lower at RM3.69 million, compared to RM10.53 million a year ago. Revenue surged to RM38.04 million from RM19.42 million.

The higher quarterly revenue was due to higher sales and progress billings from its ongoing Damansara Seresta project in KL, said L&G in the statement.

For the coming financial year ending March 31, 2022, L&G anticipated the property market performance to remain mixed due to persistent uncertain market sentiment compounded by the Covid-19 pandemic

Despite maintaining a cautiously optimistic view on the market, L&G planned to roll out three new property projects in the near future, including Astoria Ampang Phase 2 (506 units of serviced apartments), Sena Parc Phase 2 (54 units of double-storey terraced houses); and another yet to be named residential project comprising 732 condominium units located next to the group’s head office in Bandar Sri Damansara, KL.

These projects will have an estimated combined gross development value of RM900 million, according to the company.

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