KUALA LUMPUR (Dec 1): Property developer Sentoria Group Bhd is aiming to launch projects worth an estimated RM1.5 billion in gross development value (GDV) in Morib, Kuching and Kuantan over the next three years.
In a statement Monday, Sentoria's Head of Public and Investor Relations Nasiruddin Nasrun said the launches comprised affordable homes projects as well as commercial developments in the three different locations.
He said each location was expected to launch development projects worth RM500 million over the next 3 years.
Nasiruddin said Sentoria would continue to emphasise on its core strength in building affordable homes.
He said the company’s new affordable housing project in Taman Bukit Gambang, which was launched in the third quarter of the current financial year to cater for the growing demand near Bukit Gambang Resort City, had received good sales response to date and will be a major contributor in the coming financial year.
Meanwhile, Sentoria recorded an 8.2% increase in revenue to RM64.5 million from RM59.6 million for the fourth quarter ended Sept 30, 3014 on the back of higher billings from its property development division.
However, net profit fell 34.7% year-on-year (y-o-y) to RM13.3 million.
“This decline in profitability was mainly caused by the leisure and hospitality division which has to incur much higher costs consequent to the opening of the Bukit Gambang Safari Park (“BGSP”) at the end of the previous financial year, it said.
Sentoria said its revenue for the current financial year (FY14) increased by 5.3% y-o-y to RM218.4 million from RM207.5 million in the previous financial year due to higher billings from property projects, while its net profit decreased to RM35.5 million from RM43.8 million a year earlier.