KUALA LUMPUR: OSK Property Holdings Bhd posted a net profit of RM11.870 million for its financial year ended December 31, 2010 (FYE 2010) on the back of revenue of RM144.872 million.

This represents an improvement compared to previous year’s financial results (FYE 2009) with a revenue of RM125.848 million and net profit of RM5 million, it said on Wednesday, Feb 23 in a Bursa announcement.

The improved performance is attributable to improved sales registered from all of

the Group’s projects located in the Klang Valley, Seremban and Sungai Petani, Kedah.

During the year, it has secured a record sales  of RM225.0 million, which will be recognized progressively in its financial statements over its construction period. Unbilled sales as at year end stood at approximately RM190 million.

It has recommended a final dividend of 2.5 sen per share less 25% income tax for FYE 2010. The proposed dividend is subject to shareholders’ approval  at the forthcoming Annual General Meeting. Total dividend for the current year is 5.0 sen per share less 25% income tax.

The company is confident of achieving better financial results for 2011.

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