Titijaya net profit flat at RM20mil in 2QFY18

KUALA LUMPUR: Titijaya Land Bhd saw its net profit remain flat at RM20mil in the second quarter ended Dec 31, 2017 compared with RM20.4mil in the previous corresponding period. 

Its revenue for the quarter stood at RM143.51mil, up 78% against RM80.65mil a year ago, mainly contributed by project progress H2O and the proceeds received from temporary land occupation.

For the six months period to Dec 31, 2017, Titijaya posted a net profit of RM40.57mil on the back of a 31% increase in revenue of RM246.57mil. The developer said increase was recognised with the progressive project progress workdone for project H2O and Primrose, as well as the sales of inventory, Zone Innovation. 

Its net gearing has dropped from 0.34 times to 0.18 times as of Dec 31, 2017.

Commenting on the latest financial result, group managing director Tan Sri Lim Soon Peng said: “The group’s long-term growth prospect remains positive based on a strong competitive position and solids demand for the type of residential properties the group has offered. 

“Going forward, the group will scout for more joint-venture or land swap project opportunities with reputable government agencies. We are looking to replicate similar collaboration with our synergistic partners such as Tokyu Land Corporation,” he said in a statement.