YNH Property Bhd posts net profit of RM16m

KUALA LUMPUR: YNH Property Bhd posted revenue RM65.09 million and net profit RM16.03 million for its second quarter (2Q) ended June 30, 2010, compared with revenue RM74 million and net profit RM15.5 million posted a year ago.

The company said on Thursday, Aug 26 that its higher profits was mainly due to progressive sales of its inventories in Lot 163 Suites in Kuala Lumpur, Ceriaan Kiaran at Mont Kiara; sales of its development properties in Taman Manjung Baru at Seri Manjung, Taman Singa Baru, Taman Pegawai, and Taman Emas; and sales of development land.

The company has several projects in the pipeline, including the RM650 million Fraser Residence in Kuala Lumpur city, comprising two blocks of service apartments housing 446 units and the 6-arce freehold Kiara 163 mixed development project in Mont Kiara.

Kiara 163 will consist of two blocks of 42-storey service apartments, one office tower and one shopping mall. The development has a gross development value (GDV) of RM1 billion.

The company has secured unbilled sales of about RM200 million for Kiara 163 and the project is expected to contribute positively to its earnings for the next five years.

Also in the pipeline is Menara YNH, situated along Jalan Sultan Ismail, which sits on a 3-acre plot with a wide frontage of 320 feet. The project has a GDV of RM2.1 billion and in 2009, the company secured sales of RM300 million for its retail podium.

The company also announced the distribution of an interim single tier dividend of 3%, amounting to a dividend payout of RM12,584,638 based on existing issued capital of 405,282,129 ordinary shares of RM1 each.

The entitlement and distribution date are on October 26, 2010 and November 26 2010 respectively.