More than 10-fold rise in Lagenda quarterly net profit


The property developer attributed its significant earnings growth to contributions from its newly acquired subsidiaries, namely Blossom Eastland Sdn Bhd, Rantau Urusan Sdn Bhd and Yik Wang Trading Sdn Bhd, in August.

PETALING JAYA: Lagenda Properties Bhd’s net profit soared more than 10 times to RM49.8mil for the third quarter ended Sept 30, from RM4.6mil in the corresponding quarter last year.

The property developer attributed its significant earnings growth to contributions from its newly acquired subsidiaries, namely Blossom Eastland Sdn Bhd, Rantau Urusan Sdn Bhd and Yik Wang Trading Sdn Bhd, in August.

During the quarter under review, Lagenda’s revenue rose nine times to RM194.7mil from RM21.1mil in the previous corresponding period, and its earnings per share rose to 30.54 sen from 0.17 sen.

For the nine-month period, the group’s net profit jumped 18 times to RM94.4mil, while revenue rose nine times to RM423.6mil, from a year ago.

As at end-September, Lagenda said its existing projects had achieved total sales of RM550mil, with unbilled sales of RM480.4mil and remaining gross development value of RM1.87bil. The injection of the new subsidiaries had energised the group’s goal in building and supplying affordable housing.

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