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KUALA LUMPUR: IJM Land Bhd's net profit more than doubled to RM44 million for the fourth quarter ended March 31, 2011 (4Q) from RM21.87 million a year ago on the back of higher revenue.
Revenue rose 33.9% to RM329.11 million from RM245.69 million a year ago, and the stronger performance was attributed to stronger property sales achieved in the past two financial years, the group said in a Bursa filing on Friday, May 27.
The property arm of IJM Corporation Bhd also saw its revenue increase by 29% from RM255.21 million in 3Q 2011 on stronger sales and the completion of its Platino and Summer Place condominium projects in Penang.
However, its profit before tax fell by 45% to RM57.82 million from RM105.57 million due to recognition of RM63 million in gains from the disposal of subsidiary Delta Awana Sdn Bhd which owns the AEON Bandaraya Melaka Shopping Mall in 3Q.
On a yearly basis, the group's net profit doubled to RM217.65 million from RM108.66 million while its revenue climbed 5% to RM1.16 billion from RM1.1 billion.
Basic earnings per share rose to 3.95 sen from 1.98 sen while net assets per share rose to RM1.63 and RM1.50 a year ago.
Meanwhile, it declared an interim dividend of 4 sen per share compared with 2 sen a year ago.
On its prospects for the new financial year, IJM Land said it expected another strong performance underpinned by its unbilled sales of over RM1 billion, barring unforeseen circumstances.
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