Momentum continues for LBS Bina headed into 4Q

KUALA LUMPUR: With year-to-date property sales of RM1.58bil and RM234mil in bookings, LBS Bina Group Bhd is making headway towards meeting its RM2bil sales target for 2023.

Additionally, the group had a land bank of 2,791 acres and unbilled sales of RM2.2bil as at Oct 31, 2023, it said in a statement.

LBS Bina executive chairman Tan Sri Lim Hock San said the group demonstrated commendable financials in the third quarter of 2023, and is determined to maintain its momentum into the final quarter of the year.

In the quarter under review, LBS Bina recorded a net profit of RM40.21mil, up from RM35.35mil in the year-ago quarter, representing a basic earnings per share of 2.11 sen, up from 1.78 sen previously.

The group's revenue was lower at RM471.49mil in 3QFY23 compared to RM528.89mil in 3QFY22.

According to Lim, the property development segment remains the primary contributor with RM453.1mil in earnings during the quarter.

"With RM1.7bil launches so far, we are experiencing robust take-up rates of more than 80% across our ongoing projects, indicating the public's acceptance of our developments.

"Furthermore, we are pleased to announce the successful completion of a total of 10 projects, valued at RM2.4bil, within the projected timeline. This positions us well to conclude 2023 on a positive note," he said.

For the nine months period ended Sept 30, 2023, LBS Bina registered a net profit of RM103.72mil, up from RM100.64mil in 9MFY22 while revenue was RM1.23bil compared to RM1.35bil in the previous corresponding period.

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LBS Bina , property , real estate , Lim Hock San


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