Tambun Indah posts 18.3% increase in 1Q net profit

PETALING JAYA (April 30): Penang-based property developer Tambun Indah Land Bhd recorded a higher net profit of 18.3% or RM29.9 million for the first quarter ended March 31 (1Q15) from RM25.3 million a year ago.

Attributing the achievement to positive take-up for new launches and sustained revenue recognition from ongoing projects, Tambun Indah Land reported that 1Q2015 revenue increased 16.4% to RM130.4 million compared with RM112 million previously.

There was an average take-up rate of 87.3% for ongoing projects, with a total gross development value (GDV) of RM1.2 billion.

“We enjoyed healthy response to the newly launched RainTree Park homes and Pearl Avenue (Phase 2) shop offices in 1Q15 despite dampened buyer sentiment since the end of last year,” said Tambun Indah managing director Teh Kiak Seng.

He adds that the company plans to launch new projects with a GDV of approximately RM500 million this year.

As at March 31, the company had RM443.6 million in unbilled sales, which would contribute positively to group earnings over the next two to three years.

“Tambun Indah remains on the lookout for landbank expansion opportunities, given its robust balance sheet. The group’s net gearing stood at 0.03 times as at March 31, rendering ample flexibility to finance opportune land acquisitions,” said Teh. 

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