PETALING JAYA: LBS Bina Group Bhd (LBS Bina) is optimistic about its prospects for the future, as it recently secured RM1.1bil in new property sales with bookings in the pipeline, amounting to RM364.1mil that are poised for conversion
In a filing with Bursa Malaysia, the property developer said that to date, it had launched projects valued at RM1.5bil and are on course to launch development projects worth RM1.6bil, spanning across the Klang Valley, Johor, Perak and Pahang.
LBS Bina noted that it would remain vigilant and nimble in pushing towards its 2023 sales target of RM2bil.
The group has also maintained robust unbilled sales of RM2.5bil as at July 31, 2023, further substantiating its earnings visibility.
“In the second half of the year, we will complete and handover eight projects to new homeowners which is expected to boost the group’s cash position and profitability,” it said.
It added that it will continue to manage and optimise its operations and talents while continuing to adopt precise strategies while staying attuned to emerging trends.
“This commitment is aimed at enhancing stakeholder value and driving sustainable business growth, propelling the group towards even greater achievements,” LBS Bina said.
For its second quarter ended June 30, 2023 the group posted a net profit of RM33.01mil compared to RM35.13mil for the same quarter last year.
Its revenue for the quarter under review dropped to RM375mil from RM410mil.
This was mainly on the back of some development projects that were near their completion before vacant possession, as well as lower room occupancy rates from the hotel division.
The group declared earnings per share of 2.14 sen compared to 2.25 sen in the second quarter.
For the six-months period ended June 30, 2023, LBS Bina’s net profit stood at RM63.51mil, compared with RM65.29mil in the previous corresponding period, while its revenue was at RM760.25mil compared to RM819.39mil.