KUALA LUMPUR: LBS Bina Group Bhd recorded stronger revenue and net profit of RM338.59 million and RM17.05 million respectively for its financial year ended December 31, 2010 (FYE 2010).

Comparatively, it posted revenue of RM198.47 million and net loss of RM17.18 a year ago, it said on Friday, Feb 25 in a Bursa announcement.

The improved revenue and profit for FYE 2010 was attributed to progressive recognition of development revenue and profit contribution from its property development activities and cost efficiency achieved for completed projects.

For its fourth quarter, it recorded revenue of RM148.16 million and net profit of RM11.72 million.

The company achieved sales of RM422 million in FYE 2010, representing 33% increase from the previous sales of RM317 million in the previous financial year.

In view of the current encouraging property market sentiment, the company is planning to launch more than RM1 billion worth of projects in year 2011 and is confident of achieving better results this financial year.

No dividend was declared for the financial period under review.

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