Tambun Indah net profit dips in 3Q

KUALA LUMPUR (Nov 24): Tambun Indah Land Bhd has posted a net profit of RM3.26 million for the third quarter (3Q) of 2011, slipping from pro-forma net profit of RM3.83 million a year ago despite higher revenue.

The group's revenue grew by 69.7% to RM47.35 million from pro forma revenue of RM27.89 million a year ago, it said in an announcement on Wednesday.

For the nine months ended September 2011, the group's net profit declined to RM14.38 million from RM17.08 million on higher expenses in sales and marketing incurred by their new launches as well as additional costs stemming from more sales during the period.

In addition, the group's net profit was also impacted by an increase of RM5.6 million in profit to minority shareholders and a one-off RM2.67 million listing expense incurred earlier this year during its listing on the Main Market of Bursa Malaysia on Jan 18.

However, revenue increased by 59.3% to RM135.748 from RM85.21 million a year ago on sales from ongoing projects launched this year.

As the group was formed on November 2010 and was only listed earlier this year, pro forma figures were used for comparison. The group is poised to launch RM571 million worth of projects from 4Q2011 to FY2012 in Mainland Penang, said its managing director Teh Kiak Seng.

These projects include Kelisa Residence, Pearl Indah, Pearl Square, BM Residence 1, Straits Garden, Taman Bukit Residence and Carissa Villas.

Meanwhile, the group has unbilled sales of RM259.7 million and a land bank with an estimated gross development value of RM3.5 billion that is expected to last until 2020.