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OSK Property posts net profit of RM5.15 million

KUALA LUMPUR: For its second quarter (2Q) ended June 30, 2010, OSK Property Holdings Bhd achieved net profit of RM5.15 million on revenue of RM28.74 million, compared with net profit RM1.65 million on revenue of RM22.89 million a year ago.

For the year-to-date, the company recorded revenue of RM60.16 million and net profit of RM7.7 million, compared to RM46.22 million revenue and RM 4.3 million net profit in the preceding year.

The company said on Thursday, Aug 26 that the higher revenue in the current period was mainly due to improved sales of its residential projects in Klang Valley -- namely Sutera Damansara, Bangi Lakehill Villas and Taman Sri Banyan -- Mon’t Jade and Seremban 3 in Seremban, and Bandar Puteri Jaya in the northern region.

The company has several new high-end residential and commercial projects in the pipeline that are scheduled to launch in the near future. As of June 30, it has secured unbilled sales amounting to RM137.49 million, which will be recognised progressively in its financial statement over the construction period.
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