Titijaya Land Berhad media briefing
PETALING JAYA: Property developer Titijaya Land Bhd
recorded a net profit of RM19.2mil for its third financial quarter ended March 31, a 27% increase against the previous corresponding period.
This translated to an improved earnings per share of 4.92 sen compared to 4.30 sen a year ago, the company said in a filing with Bursa Malaysia.
The increase in net profit was mainly attributed to better cost management and higher profit recognition from property development projects, namely H20 serviced apartments and soho (small office/home office) in Ara Damandara and 3Elements mixed development in Puchong.
Titijaya’s healthier margin expansions were also due to higher contribution from projects with higher margins.
Titijaya group managing director Tan Sri Lim Soon Peng said in a statement the group was on the right trajectory to achieve the RM300mil sales target for the financial year ended June 30, 2017 (FY17).
“Given the challenging market condition, the group will continue to pursue strategic partnership and opportunistic land banking activities.
With its ongoing and upcoming projects such as the joint venture project with foreign partners, he said, the board expected the group to achieve better results for FY17 through continuous sales and existing project progress recognition.
On the group’s prospects, Lim is optimistic that Titijaya would perform satisfactorily, backed by the strong outstanding unbilled sales of RM471mil and encouraging response on projects due to the nature of the product, concept, location and marketing strategies.
Titijaya has in the pipeline a slew of projects with a total gross development value (GDV) of RM1.8bil to be launched in FY18.
“Based on our latest preview, it appears that the outlook for the Malaysian property market is turning positive and regaining some buoyancy.
“For instance, our 3rdNvenue Embassy Row Project received staggering reception during a private preview session held earlier,” said Lim.
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