Strong sales lift Plenitude’s earnings

Public visit Plenitude booth at The Star property fair. (file pic)

PETALING JAYA: Plenitude Bhd swung back to the black, with a net profit of RM8.15mil for the fourth quarter of its financial year ended June 30, 2021 (Q4’21), compared with a net loss of RM2.57mil in Q4’20.

During the quarter in review, the property and hospitality group saw its revenue jump almost six-fold to RM71.19mil from RM12.15mil in Q4’20 due mainly to higher sales of properties and higher contribution from on-going development properties.

Cumulatively, Plenitude’s net profit rose 46% to RM11.94mil for FY21 from RM8.17mil in FY20, while revenue increased to RM208.49mil from RM188.84mil.

As for the year ahead, Plenitude said the overall outlook for the group’s property and hospitality businesses remained challenging due to the protracted and evolving Covid-19 situations worldwide. “The group will continue to monitor the current volatility and uncertainty closely and adopt a more cautious approach in new property launches,” it said.

“With the progressive rollout of the mass vaccination programme by the government, barring any unforeseen circumstances, the group envisages its hotel division, will begin to recover with the anticipated relaxation of local travel restrictions,” it added.

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