Dijaya records lower net profit of RM3.298 million in 4Q

PETALING JAYA: Dijaya Corp Bhd recorded a lower net profit of RM3.298 million in its fourth quarter ended Dec 31, 2009, eased by 86.25% from the RM25.083 million posted in the same period last year.

Revenue went up by 36.66% to RM101.281 million against RM74.11 million recorded in the same period last year.

In a filing to Bursa Malaysia on Feb 23, the Group has registered a profit before tax of RM7.4 million on the back of revenue of RM101.2 million for the current quarter ended Dec 31, 2009.

For the financial year ended Dec 31, 2009, the Group achieved revenue of RM310.5 million and a profit before tax of RM71.7 million, compared with the corresponding year which has registered revenue of RM244 million and pre-tax profit of RM76.8 million.

“The higher revenue recorded for the Group in the current year was mainly attributable to the recognition of progress billings from the Tropics in Tropicana City and TSB Commercial Centre in Sungai Buloh,” it said.

However, the lower profit before tax for the current year was attributed to lower profit contribution from Casa Indah 2 condominiums and provision for impairment loss amounting to RM11 million was made in respect of the joint-venture project in Dijaya Malind JV (Mauritius) Ltd.

The group is optimistic of achieving satisfactory performance for its financial year ended Dec 31, 2010, driven by ongoing developments and unbilled sales.

“After a difficult period for much of the second half of 2008 and 2009 due to the global financial crisis and economic uncertainties, the outlook for the property sector has improved. This is mainly due to lower interest rates and the rising confidence of a global economic recovery,” the group said.