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IJM Land net profit down 18% lower in 4Q FY2010

KUALA LUMPUR: IJM Land Bhd's net profit dipped 18% to RM21.876 million in its 4Q FY2010 ended March 31, 2010 against RM26.698 million in the same quarter last year.

Revenue improved to RM245.69 million from RM226.05 million in the preceding year’s corresponding quarter mainly attributable to better sales mix achieved in the group’s on-going projects.

“Despite the increase in revenue, the group’s profit before tax only increased marginally principally due to higher finance cost incurred and the share of losses incurred by its jointly controlled entities,” said IJM Land in a filing to Bursa Malaysia on Wednesday May 26.

It added that barring unforeseen circumstances, the group expects to perform better in its financial year ending March 31, 2011.

“The group’s strategically located projects and a positive economic outlook are expected to be the key drivers for sales growth,” it said.

IJM’s board of directors declared an interim dividend of 2% for its financial year ended March 31, 2010 to be paid on Aug 19, 2010.
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