KUALA LUMPUR (Aug 12): Tambun Indah Land Bhd’s net profit rose 67% to RM28.57 million or 6.72 sen a share in the second quarter ended June 30, 2016 (2QFY16), from RM17.09 million or 4.05 sen a share a year ago, due to higher billings, take-up rates for ongoing projects, as well as a higher percentage of project completions.

Revenue also grew 74% to RM104.33 million, from RM60.01 million.

For the cumulative six months (1HFY16), net profit jumped 11% to RM52.19 million or 12.29 sen a share, from RM46.99 million or 11.14 sen a share, while revenue increased 2% to RM193.65 million, from RM190.42 million.

In a filing with Bursa Malaysia yesterday, Tambun Indah said it recorded new property sales of RM62.66 million in the current quarter compared with RM25.07 million a year ago.

Tambun Indah said as at June 30, 2016, it achieved an average take-up rate of 80% for its ongoing projects, with a total gross development value of RM1.68 billion and unbilled sales of approximately RM311.11 million.

“These should contribute positively to the group’s earnings for the next two to three years,” it said, adding that it expects to achieve satisfactory performance in the current financial year.

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This article first appeared in The Edge Financial Daily, on Aug 12, 2016. Subscribe to The Edge Financial Daily here.

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