Dijaya chalks up 43% revenue jump

KUALA LUMPUR (Nov 25): Property developer Dijaya Bhd saw its revenue for 3QFY11 ended Sept 30 grow by 43.3% y-o-y to RM89.2 million from RM62.2 million, driven by strong sales and recognition of billings from its project launches.

However, the company booked a net loss of RM12.8 million for the quarter compared to a net profit of RM5.6 million for the previous year. This was due to a net loss of RM22.26 million arising from the fair value adjustments of marketable securities.

"Excluding this adjustment, the group registered a profit before tax of RM13.86 million for this quarter compared to RM8.66 million in the corresponding quarter last year," explained Dijaya.

On a 9MFY11 basis, net profit rose to RM26.05 million compared to RM8.67 million for the previous year's corresponding period. Revenue for the nine months rose to RM217.52 million from RM190.34 million.

According to Dijaya, its results were driven by higher profit margin contributions from its new property launches such as Tropicana Grande condominiums and Casa Tropicana final Block E condominium among others.

Going forward, Dijaya is planning to roll out projects in both the Klang Valley and Johor.

The group also recently signed a joint venture agreement with Ivory Properties Group Bhd for a mixed development with a gross development value (GDV) of RM10 billion in Bayan Mutiara, Penang.

"With the latest joint venture in the northern region, the group now owns a sizeable landbank worth RM28 billion in GDV spread across the main cities in Peninsular Malaysia to be launched in the near future. With all these projects in the pipeline, the group is poised for growth," stated Dijaya's group CEO Tan Sri Danny Tan.

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