Teladan Setia’s managing director Teo Lay Ban said the reopening of international borders in April 2022 had significantly benefitted tourism-driven economies such as Melaka.
PETALING JAYA: Teladan Setia Sdn Bhd’s net profit for the second quarter ended June 30, 2022 (2Q22) rose to RM14.2mil, climbing 85.9% year-on-year.
This was the highest quarterly bottom line that it has achieved since its listing on the ACE Market of Bursa Malaysia in March 2021.
In a statement, the Melaka-based property developer said 2Q22 revenue jumped 87% to RM75.6mil.
Earnings per share stood at 1.77 sen as compared to 1.11 sen in the same period of 2021.
Teladan Setia’s managing director Teo Lay Ban said the reopening of international borders in April 2022 had significantly benefitted tourism-driven economies such as Melaka.
“The resulting improvement in household income, coupled with post-pandemic pent-up demand has led to strong property sales this quarter.
“Besides that, growth was also attributed to our success in introducing new properties that are relevant to the local market.
“Taman Bertam
Heights Phase 1B, a gated-and-guarded township project launched in February 2022, has already been fully taken-up.
“Meanwhile, Taman Desa Bertam Phase 3B1 introduced in 2Q has also generated strong market response so far,” he added.
Teladan Setia plans to launch four more projects with a gross development value of RM808.2mil by 2022. Among them is the group’s first project outside Melaka comprising two towers of serviced apartments in Seri Kembangan, Selangor.
“While the sentiment in the first half of the year has been largely positive, we are cognisant of the potential headwinds ahead.
“Bank Negara has raised the overnight policy rate to 2.25% recently to contain inflationary pressure. This could impact demand as borrowing costs increase. However, our focus remains on introducing homes that are relevant to the demographics and thus possess price inelasticity,” Teo added.
