Dijaya shares spike after stellar FY11 results

KUALA LUMPUR (Mar 2): Property developer Dijaya Corp Bhd's share price on Thursday surged 19.44% to an intra-day five-year high of RM1.72, two days after the group announced stellar profits for its FY11 ended Dec 31.

Dijaya's share price was up 21 sen or 14.78% to close at RM1.63 with 8.75 million shares traded on Thursday.

Dijaya, a company controlled by its major shareholder and group CEO Tan Sri Danny Tan Chee Sing, was the sixth top gainer on Bursa Malaysia on Thursday.

However, the closing price is still below its net asset value of RM2.07.

Dijaya saw significant off-market trade on Thursday as some 15 million shares crossed in various direct transactions.

All 15 million shares were transacted at RM1.20 per share, bringing the total value of the block to RM18 million. At present, it is uncertain who the buyers were.

The stock opened two sen higher at RM1.44 on Thursday morning and continued its climb to an intra-day high of RM1.72 before settling at RM1.63.

Dijaya shares had already climbed 6.76% or a nine sen gain to RM1.42 on Wednesday, the day after the company announced its results.

Dijaya announced on Tuesday that its net profit for FY11 rose 50.43% to RM65.06 million from RM43.25 million before.

The company said its earnings growth was mainly due to contributions from development projects and a disposal gain of RM6.19 million after it divested a subsidiary.

Revenue for the period grew 27.87% to RM373.71 million from RM292.25 million before.

For 4QFY11 ended Dec 31, Dijaya's net profit grew 12.8% year-on-year to RM39.01 million from RM34.58 million while its revenue rose 53.24% to RM156.19 million.

Dijaya said its unbilled sales totalled RM538 million as at Dec 31, 2011.

The board recommended a first and final dividend of three sen per share less 25% tax for FY11.

The group is now embarking on a private placement of new shares representing up to 30% of its issued and paid-up capital.

But Dijaya's board recently sought a six-month extension to implement the private placement.