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Land & General's 1Q net profit increases 28.6%

PETALING JAYA (Aug 25): Land & General Bhd recorded a net profit of RM7 million in its first financial quarter ended June 30, 2021, a year-on-year (y-o-y) increase of 28.6% from the same period a year ago.

The company’s revenue surged to RM30.6 million from RM14.7 million a year ago.

In a press statement dated on Aug 23, the company said its profit before tax was RM9.3 million for the first quarter, an y-o-y increase of 84%.

L&G attributes the steady growth to the higher sales and progress billings from its on-going Damansara Seresta project and completed Astoria Ampang Phase 1 and Sena Parc Phase 1A at Senawang.

It added that the improved results from its 45%-owned associate, Country Garden Properties (Malaysia) Sdn. Bhd (developer of Diamond City project at Serendah), and its 50%-owned joint venture, Hidden Valley Australia Pty Ltd (developer of Hidden Valley project in Melbourne, Australia) also contributed to the profit growth.

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