L&G FY21 profit doubles

In announcing its results yesterday, L&G said its profit before tax was 42% higher at RM37.16mil compared with RM26.18mil.

PETALING JAYA: Property developer Land & General Bhd’s (L&G) net profit for the financial year ended March 31,2021 (FY21)more than doubled to RM30.45mil from RM14.89mil a year ago.

In announcing its results yesterday, it said its profit before tax was 42% higher at RM37.16mil compared with RM26.18mil.

“Higher full-year profit before tax was due to higher sales and progress billings from its ongoing Damansara Seresta project located in Bandar Sri Damansara; and lower development cost incurred, ” it said.

L&G said revenue for FY21 was RM134.89mil compared with RM139.72mil a year ago due to vacant possessions handed over for two projects, namely, Astoria Ampang Phase 1 in Ampang and Sena Parc Phase 1A in Senawang, Negri Sembilan.

L&G said in the final quarter, its net profit was lower at RM3.69mil compared with RM10.53mil a year ago. Revenue doubled to RM38.04mil from RM19.42mil.

Earnings per share was at 0.12 sen compared with 0.35 sen. It has proposed a dividend of 0.5 sen a share. For the quarter, L&G’s profit before tax was RM1.4mil compared with RM9.7mil in the preceding quarter on year-end provisioning for additional payroll cost.