The construction segment contributed 74% of the group’s Ebit in 1HFY15, which grew by 110.7% to RM39.7 million
10MFY15 sales were at RM2.37 billion which are within expectations, accounting for 79% of both our and management’s FY15 target of RM3 billion. Major drivers are from Klang Valley projects, consisting 57% of sales such as Eco Majestic and Eco Sanctuary.
The scope of works, such as earthworks, sewerage reticulation and sewerage treatment plant is for site preparation for the development of Kwasa Damansara township in Sungai Buloh, Selangor, which will span over 52 weeks and is expected to be completed by October 2017.
In terms of sales, Matrix has performed exceptionally well, recording total sales of RM612 million for 9MFY15, which accounted for 98% of our total estimates of RM625 million.
We are not surprised with Hua Yang’s land acquisition down south as management highlighted that it had been actively looking for landbanking opportunities in several locations, ie central, north and south.