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KUALA LUMPUR (May 26): YTL Land & Development Bhd posted a net profit of RM18.96 million or 1.57 sen per share in the third financial quarter ended March 31, 2017 (3QFY17), compared to a net loss of RM8.11 million or 0.44 sen loss per share a year ago, mainly contributed by The Fennel condominium project in Sentul here and higher unrealised gain on foreign exchange on amounts due from its Singapore subsidiaries following the strengthening of the Singapore dollar.
Quarterly revenue increased 2.7 times to RM144.48 million in 3QFY17 from RM53.51 million in 3QFY16, mainly due to the better site progress from The Fennel project.
"The Dahlia and U-Thant Place projects also continued to contribute to the group's revenue in the current financial quarter under review," said YTL Land in a filing with Bursa Malaysia today.
For the cumulative nine months (9MFY17), YTL Land saw net profit rise threefold to RM38.26 million from RM9.15 million in 9MFY16, while revenue more than doubled to RM284.29 million from RM133.91 million.
Going forward, YTL Land said it expects to achieve satisfactory performance for the current financial year ending June 30, 2017 (FY17) through the property development activities undertaken by its subsidiaries and joint venture.
YTL Land shares fell one sen or 1.6% to close at 61.5 sen yesterday for a market capitalisation of RM509.9 million. — theedgemarkets.com
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