KUALA LUMPUR (Dec 6): Bina Darulaman Bhd (BDB) shares rose 1.56% at mid-morning today after it reported a 58.1% increase in net profit for its third financial quarter ended Sept 30, 2016 (3QFY16), to RM5.8 million or 1.91 sen per share from RM3.67 million or 1.21 sen per share a year ago due to a 98.8% surge in revenue to RM87.18 million from RM43.85 million in 3QFY15.

At 10.28am, BDB added 1 sen to 65 sen with 23,800 shares traded.

In a statement yesterday, the property developer said the surge in revenue was due to higher contribution by the group's property and road and quarry divisions, which recorded better revenue mainly from Taman Tunku Intan Safinaz (TTIS) enclave sales and the state road maintenance project respectively.

For the cumulative nine months ended Sept 30, 2016 (9MFY16), the group reported a net profit of RM10.73 million or 3.53 sen per share, 9.5% higher than its 9MFY15 net profit of RM9.8 million or 3.22 sen per share.

Revenue for 9MFY16 came in 47.4% higher at RM202.67 million compared with its 9MFY15 revenue of RM137.46 million.

Meanwhile, in a media briefing yesterday, BDB said it is targeting RM900 million in gross development value of property launches for the financial year ending Dec 31, 2017 (FY17), with the group maintaining its focus on the affordable housing segment, which includes a pocket development in Kuala Kangsar, Perak, BDB's first development outside Kedah. — theedgemarkets.com

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