Tambun Indah reports 3Q2016 net profit of RM23.8 mil

PETALING JAYA (Nov 17): Penang property developer Tambun Indah Land Bhd has recorded a net profit increase of 5.88% to RM25.2 million in the third quarter ended Sept 30, 2016 (3Q2016), from RM23.8 million a year earlier.

However, revenue declined 0.93% to RM85.4 million from RM86.2 million a year ago.

For the nine months ended Sept 30, 2016, net profit was up 9.3% to RM77.4 million from RM70.8 million a year ago. Revenue increased 0.9% to RM279.1 million from RM276.6 million during the same period last year.

The property developer has multiple projects in the pipeline with a gross development value of more than RM3 billion located in mainland Penang and will continue its strategy of building quality properties at affordable prices, said the developer in a statement today.

As at Sept 30 this year, unbilled sales amounted to RM259.6 million, which would contribute positively to Tambun Indah’s earnings for the next two to three years, it said.

In conjunction with the results announcement, the company has declared its first interim single-tier dividend of 3 sen per share for the financial year ending Dec 31, 2016.

The interim dividend would be paid on Feb 16, 2017 to shareholders.