Dijaya profit jumps 73% to RM50.7m in 4Q

KUALA LUMPUR (Feb 28): Dijaya Corporation Bhd saw its profit jump 73% to RM50.7 million in 4Q from the previous quarter on the back of a 53% growth in revenue to RM156.2 million from RM101.9 million in the last quarter.

For FYE Dec 31, 201, the group's revenue increased by 28% to RM373.7 million from RM292.3 million a year ago, while profit after minority tax and interest (Patmi) grew by 43.3% to RM65.1 million from RM43.3 million.

Meanwhile, its net assets per share rose to RM2.07 from RM1.98 as at the financial year end.

Dijaya had proposed dividends of 3% per ordinary share of RM1, equivalent to 3 sen.

The group had attributed its improved revenue and profit mostly to projects such as its Tropicana Grande and Casa Tropicana condominiums at Tropicana Golf & Country Resort and its Grand Villas, Pool Villas and Link Villas landed homes at Tropicana Indah Resort Homes.

"The group now has its footprints in Klang Valley, Penang and Johor, which are the major property development areas. With all these projects in the pipeline, the group is poised for growth and expansion to achieve market capitalisation of above RM1 billion," said group  CEO Tan Sri Danny Tan in a statement on Tuesday, Feb 28.

Dijaya is currently keeping busy with projects such as Tropicana Grande, Tropicana Avenue, Tropicana Cheras and W Kuala Lumpur Hotel & Residences.

Up north, the group had entered into a joint venture with Ivory Properties Group Bhd to work on a mixed-development with a gross development value (GDV) of RM10 billion in Bayan Mutiara, Penang.

In Johor, the developer's projects are the Tropicana Senibong and Tropicana Danga Cove mixed-developments.

The group has unbilled sales valued at RM538 million as at Dec 31, 2011, and it expects to improve its performance this year.

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