Titijaya’s 4Q PAT declines 13%, proposes 4.5 sen single-tier dividend

KUALA LUMPUR (Aug 28): Titijaya Land Bhd’s profit after tax (PAT) fell 8.8% to RM18.3 million for the fourth quarter of the financial year ended June 30, 2015 (4Q2015) from RM20.1 million in 4Q2014. 

The decline in profit was due to lower revenue of RM66.5 million compared with RM82.8 million in the corresponding quarter last year.

However, PAT for the full year ending June 30 (FY2015) increased 13.4% to RM80.9 million from RM71.3 million in FY2014. 

Group revenue rose to RM340.7 million from RM283.8 million in FY2014.

In a filing with Bursa Malaysia, the company attributed the increase in earnings for the full year to its property projects, such as Seri Alam Industrial Park and Zone Innovation Park development in Klang.

“I am pleased with our full-year financial performance. We have been posting steady earnings growth since our listing and will continue to push forward with our business and growth strategies to maintain our momentum. 

“The group’s profitability can be sustained through the continuous sales of our development projects and our new upcoming launches,” said Titijaya deputy managing director Lim Poh Yit in a statement.

The group’s total unbilled sales stood at RM731.7 million as at June 30, 2015, while total sales were at RM498.8 million.

As at June 30, 2015, the group’s balance sheet remains healthy with total equity of RM475.2 million and net cash of RM30 million.

“When we were first listed in November 2013, our total landbank gross development value was RM4.2 billion. I am proud to report that as a result of our ongoing landbanking strategy, it now stands at RM6.8 billion,” said Lim.

The group has proposed a final single-tier dividend of 9% or equivalent to 4.5 sen per ordinary share of RM0.50 for FY2015.