YNH's 1Q net profit falls nearly 70%

KUALA LUMPUR (May 26): YNH Property Bhd saw its net profit fallen nearly 70% to RM5.18 million in the first quarter ended March 31, 2015 (1QFY15), from RM17.01 million a year ago, after the completion of project Fraser Residence Kuala Lumpur.

Earnings per share (EPS) was lower at 1.26 sen, as compared to 4.07 sen in the corresponding quarter last financial year.

Revenue was at RM103.23 million, a drop of 2% from RM105.28 million.

In a filing with Bursa Malaysia, YNH said it registered a lower profit before taxation for the financial period, as compared to previous year's correspondence quarter, due to the completion of project Fraser Residence Kuala Lumpur.

It said the group’s performance this year was mainly derived from progressive sales of unsold units in Fraser Residence Kuala Lumpur, progressive sales of its inventories in Ceriaan Kiaran (Mont’Kiara, Kuala Lumpur), and sales of development land.

“Taking into consideration of the contribution from existing projects, the company is optimistic of the group's prospect for the subsequent financial year, subject always to any change in the economic conditions,” it added.

YNH's share price closed unchanged at RM1.92 today, giving it a market capitalisation of RM847.58 million.