Bandar Raya Development sees RM20.04m 4Q net profit

KUALA LUMPUR: Bandar Raya Developments Bhd posted a 4Q2010 net profit of RM20.04 million and RM157.45 million in revenue for the same year. The group closed its financial year ending Dec 31, 2010 (FYE 2010) with RM626.2 million in revenue and RM125.6 million net profit.

In its filing to Bursa Malaysia on Monday, Feb 28, the group said although there was an increased number of properties sold for 6 CapSquare in Kuala Lumpur and Straits View Residences in Johor, revenue was lower as the projects were still in the early stages of construction.

The group is optimistic of achieving satisfactory results for its property division in the current financial year, with progress income contribution from 6 CapSquare and Straits View Residences, expected sales of completed properties and planned new launches in the Klang Valley and Johor. The group's investment properties now generate higher recurring income, with rising occupancy and rental income from Bangsar Shopping Complex (BSC) and Menara BRDB.