Teladan posts best quarterly profit since listing

Teladan Setia managing director Richard Teo Lay Ban said the outlook for the property market in Melaka is expected to be positive.

PETALING JAYA: Teladan Setia Group Bhd posted a net profit of RM8.71mil on a revenue of RM46.41mil for the third quarter ended Sept 30, 2021 (Q3’21).

The group noted that this was the highest quarterly net profit recorded by it since its listing on the ACE Market in March 2021.

Year-to-date, the Melaka-based property developer’s net profit stood at RM23.47mil on a revenue of RM128.31mil.

There are no comparative figures for the corresponding period of the preceding year as this is only the fourth interim financial report to Bursa Malaysia.

Teladan Setia said its Q3’21 revenue represented a quarter-on-quarter (q-o-q) increase of 14.6% from RM40.5mil, while the Q3’21 net profit rose 13.6% q-o-q from RM7.7 in Q2’21.

Teladan Setia managing director Richard Teo Lay Ban said the outlook for the property market in Melaka is expected to be positive.

“The state had entered phase four of the National Recovery Plan in October 2021. Since then, property sales have been improving with the reopening of sales galleries and showrooms coupled with the pent-up demand from consumers.

“Furthermore, the resumption of interstate travel bodes well for the tourism sector and the overall economy of the state,” he said in a statement.

“As the purchasing power of locals improves, we anticipate stronger property sales, particularly for the middle-income segment the group is targeting,” he added.

He said Teladan Setia was expected to sustain its growth momentum with many interesting developments in the pipeline.

“In September 2021, we launched Taman Desa Bertam Phase 3B1, which has a gross development value (GDV) of RM44.2mil.

“Next year, the group will be unveiling the first phase of Taman Bertam Heights, a gated and guarded township with a GDV of RM242.7mil.

“We are introducing Phase 1B of the project in January 2022, followed by Phase 1A in July 2022.”

Since its listing in March, Teladan Setia had announced acquisitions of land parcels totalling 890.2 acres.

It currently holds one of the largest undeveloped land banks in Melaka at approximately 1,100 acres.

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