Dijaya 1H net profit jumps on higher margins

KUALA LUMPUR: Property developer Dijaya Corp Bhd’s net profit for 1H11 of RM41.14 million was five times the RM7.61 million booked the previous year, helped by better margins recognised for projects this year as well as a RM20.51 million net gain on fair value adjustment arising from marketable securities.

Revenue gained only 0.2% to RM128.34 million. The improved project margins were from Tropicana Grande, Casa Tropicana Block E, Pool Villas, Grand Villas and Link Villa, the company said in notes accompanying its results. This year’s earnings also benefited from the recognition of a RM4 million in compensation damages received from a contractor.

Dijaya was up one sen to close at RM1.47 yesterday,  with 306,800 shares done.