KUALA LUMPUR: Teladan Setia Group Bhd posted a net profit of RM7.1mil, or 0.88 sen earnings per share in the first quarter ended March 31, 2021.
The property developer’s revenue for the quarter stood at RM41.35mil, mainly derived from its Bali Residences and Taman Desa Bertam Phase 2 projects.
No comparative figures were given for the financial period ended March 31, 2020 as this is only the second interim financial report to Bursa Malaysia since the company's listing on March 16.
Compared with the preceding quarter, Teladan Setia’s profit before tax (PBT) of RM9.79mil in the first quarter was 8.47% lower than the RM10.69mil posted in the preceding quarter ended Dec 31, 2020.
“If excluding the listing expenses of RM980,000, the adjusted PBT would have been RM10.77mil for the current financial quarter, an increase of RM70,000 from the preceding quarter,” Teladan Setia said in the notes accompanying its financial results.
Its revenue of RM41.35mil in the first quarter was 16.52% lower than the RM49.53mil recorded in the preceding quarter.
“This is mainly due to decrease in revenue recognised from Bali Residences as the progress is slightly slower compared to the immediate preceding quarter ended Dec 31, 2020, and we expect the handover of Bali Residences to commence in the first half of FY22,” it said.
In a separate statement, managing director Richard Teo Lay Ban said: “We are delighted to commence the year with commendable results for the first quarter as we continue to see good progress in our ongoing projects; namely Bali Residences and Taman Desa Bertam Phases 2and 3A.
“We are particularly pleased with maintaining our high profit margins.This is generally attributed to the cheaper land and construction costs we have locked in over the years. On top of that, we have also been constantly improving the efficiency of our sales conversion.”
Looking ahead, Teo expects the group to sustain its top and bottom lines premised on the continuous revenue recognition of its ongoing projects as well as developments in the pipeline.
“By the end of the year, we anticipate to commence work on several new projects such asTaman Desa Bertam Phases 3B and 4and Taman Bertam Heights Phases 1A and 1B,” he added.