KUALA LUMPUR: LBS Bina Bhd recorded a net profit of RM59.57mil in the nine months period to Sept 30, 2021, which was more than double RM23.48mil in the previous corresponding period on the back of its property and construction and trading segments.

Group revenue was RM922.43mil, a 15.04% improvement from the comparative period in the previous year.

Earnings per share for the nine months period was 3.25 sen compared to 1.24 sen previously.

In the third quarter alone, the group recorded net profit of RM18.13mil on revenue of RM253.96mil.

“The surge in both revenue and PBT in the property development segment were largely attributable to the sale of inventories, good take up rates and steady construction progress from our on-going development projects at Residensi Bintang Bukit Jalil, Alam Awana Industrial Park, Cameron Centrum, KITA @ Cybersouth and LBS Alam Perdana.

“Development projects within the Klang Valley remain the largest revenue contributor, accounting for more than 81% of the Group’s revenue for the current financial period,” said the group in a bourse filing.

Meanwhile, the improved performance in the construction and trading segment was owing mainly to cost savings from till end construction contracts and completed projects.

On prospects, the group said it has secured total sales of RM1.1bil and total bookings in pipeline of RM950mil as at Nov 22, 2021.

“The strong performance proves that affordable housing is still highly on demand which is in line with the Housing Bureau Statistics that Malaysia has a shortage of one million units of affordable residential housing,” it said.

Moving forward, the group said it will focus on low-cost housing segment and support the Selangor state government’s goal to build 30,000 affordable homes in strategic locations by 2025.

It added that the outlook for the property sector is expected to remain challenging given the adverse market conditions during the Covid-19 pandemic.

Currently, the group has 20 ongoing development projects with an estimated gross development value (GDV) of RM5.65bil, landbank for future development of 2,794 acres with an estimated GDV of RM24.3 bil and unbilled sales of RM2.17 bil.

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