KUALA LUMPUR: Land & General Bhd (L&G) posted a net profit of RM7.24mil in the third quarter ended Dec 31,2020, against a net loss of RM637,000 in the same period of the previous year.
Revenue, however, fell 17.6% to RM30.19mil from RM36.68mil.
The drop in the quarterly revenue was due to lower contribution from its property division.
Pre-tax profit rose to RM9.68mil from RM3.92mil mainly due to the writebacks in property and other divisions totalling RM4.43mil and the share of profit from Country Garden Properties (M) Sdn Bhd of RM1.12mil.
In the first nine months to Dec 31,2020, L&G registered a net profit of RM26.76mil on revenue of RM96.85mil.
On its prospects, L&G said the Covid-19 pandemic will continue to affect the property market in the near future.
“Nevertheless, the group remained focus on driving sales for its ongoing Seresta project and clearing inventories from its Astoria Phase 1 and Sena Parc Phase 1A through various marketing strategies in the coming months, ” it said.