KUALA LUMPUR (Feb 12): Penang property developer Tambun Indah Land Bhd saw its net profit for the financial year ended Dec 31, 2014 increased 57.2% to RM102.1 million, from RM65 million previously.
"The improved bottomline was also due to full contributions from Pearl City in FY2014, having acquired the minority stakes of Palmington Sdn Bhd and Tambun Indah Land Sdn Bhd in November 2013," said the group in a statement.
Revenue for the year rose 24% to RM466.8 million, from RM376.4 million a year ago, as the group witnessed continued demand and made steady construction progress in its residential developments, mainly in mainland Penang.
As at Dec 31, Tambun Indah’s (fundamental: 3; valuation: 2.1) unbilled sales amounted to RM427.4 million, which will sustain the group for the next two to three years.
Group managing director Teh Kiak Seng said the group's performance was aided by the commencement of the Sultan Abdul Halim Mu’adzam Shah Bridge in March, which has improved connectivity between Penand Island and the Batu Kawan area, where it has major development projects.
Going forward, Teh said, "We are optimistic of sustained demand for affordable-ranged landed properties, going into 2015?"
Tambun Indah shares closed nine sen or 4.66% lower at RM1.84, with a market capitalisation of RM775.19 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)