PETALING JAYA: Selangor Dredging Bhd
expects the outlook of the property sector to remain challenging for its remaining financial year due to the uncertainties presented in the global economic environment.
For the first quarter ended June 30, 2023 (1Q24), the boutique property developer’s revenue increased by 401% year-on-year (y-o-y) to RM46.8mil, on the back of the launch of 19Trees, located in Melawati as well as Jia, at Bukit Serdang, Selangor during second half of last year.
The group recorded a net profit of RM7mil in 1Q24 from a net loss of RM4.1mil in 1Q23 or earnings per share of 1.65 sen underpinned by the dilution gain of RM5.76mil that arose from the private placement of its associate company, Fortress Minerals Ltd, as well as better sales achieved in both local and Singapore projects.
Currently, the group has about RM629.66mil of unbilled sales at hand.
