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KUALA LUMPUR: YNH Property Bhd has posted a net profit of RM15.75 million in its third quarter (3Q) ended Sept 30, 2010, up 17.7% from RM13.38 million a year ago on the back of lower revenue, it said in a filing to Bursa Malaysia on Tuesday, Nov 23.
Its revenue fell 35.12% to RM55.07 million from RM84.88 million, while earnings per share stood at 3.93 sen, up from 3.56 sen. The group had proposed a dividend of 1.5 sen per share.
On its prospects, the group said it had a number of projects in the pipeline, namely Fraser Residence KL in Kuala Lumpur, Kiara 163 in Mont' Kiara, Menara YNH in Kuala Lumpur, as well as a number of projects in Mont' Kiara, Hartamas, Kuala Lumpur, Ipoh and Seri Manjung.
Fraser Residence KL has a gross development value (GDV) of RM650 million and is expected to positively contribute to the group's earnings for the next three years.
Meanwhile, Kiara 163 has a GDV of RM1 billion and YNH has secured unbilled sales of RM200 million for the commercial portion of the development. The project is expected to contribute to the group's earnings for the next five years and will begin after the launch of Fraser Residence KL.
Menara YNH has a GDV of about RM1.2 billion and the group has already secured sales of RM300 million for the retail podium in 2009.
Meanwhile, its other projects which are at the planning stage have an estimated GDV of RM1.8 billion, and are expected to contribute to its earnings for the next 15 to 20 years.
The group also purchased 95 acres of land in Genting Highlands, next to Genting Highland Resort, for RM16.05 million in 2008 and has an estimated GDV of RM1.96 billion. The future development on this land is expected to contribute to the group in the next 20 years.
Its revenue fell 35.12% to RM55.07 million from RM84.88 million, while earnings per share stood at 3.93 sen, up from 3.56 sen. The group had proposed a dividend of 1.5 sen per share.
On its prospects, the group said it had a number of projects in the pipeline, namely Fraser Residence KL in Kuala Lumpur, Kiara 163 in Mont' Kiara, Menara YNH in Kuala Lumpur, as well as a number of projects in Mont' Kiara, Hartamas, Kuala Lumpur, Ipoh and Seri Manjung.
Fraser Residence KL has a gross development value (GDV) of RM650 million and is expected to positively contribute to the group's earnings for the next three years.
Meanwhile, Kiara 163 has a GDV of RM1 billion and YNH has secured unbilled sales of RM200 million for the commercial portion of the development. The project is expected to contribute to the group's earnings for the next five years and will begin after the launch of Fraser Residence KL.
Menara YNH has a GDV of about RM1.2 billion and the group has already secured sales of RM300 million for the retail podium in 2009.
Meanwhile, its other projects which are at the planning stage have an estimated GDV of RM1.8 billion, and are expected to contribute to its earnings for the next 15 to 20 years.
The group also purchased 95 acres of land in Genting Highlands, next to Genting Highland Resort, for RM16.05 million in 2008 and has an estimated GDV of RM1.96 billion. The future development on this land is expected to contribute to the group in the next 20 years.
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