Land & General sank into the red in 4QFY22, proposes 0.5 sen dividend

KUALA LUMPUR (May 31): Land & General Bhd sank into the red in the fourth quarter ended March 31, 2022 (4QFY22) with a net loss of RM2.71 million, compared with a net profit of RM4.69 million in the same quarter last year, due to the impairment loss from its associate, Country Garden (M) Properties Sdn Bhd.

Despite the net loss, revenue for the quarter under review jumped 90.39% to RM72.43 million from RM38.04 million, driven by increased sales from all divisions particularly its property division.

The group has recommended a final single tier dividend of 0.5 sen per share, subject to shareholders' approval at the forthcoming annual general meeting. "The entitlement and payment dates shall be finalised by the company at a later date and announced in due course," said Land & General in its bourse filing.

For the full financial year ended March 31, 2022 (FY22), the company's net profit dropped 35.41% to RM19.67 million from RM30.46 million in FY21.

FY22 revenue, on the other hand, grew 43.02% to RM192.92 million from RM134.89 million.

While the country has moved to the endemic phase of Covid-19, the business landscape remains challenging for the current year due to the prolonged Russia-Ukraine conflict and China lockdowns leading to rising commodity and raw material prices. This resulted in inflationary pressures including rising building and construction costs, noted Land & General.

"The group will cautiously forge ahead into the financial year ending March 31, 2023 with the completion of Seresta and proposed new launches of its other projects by the fourth quarter of 2022 while continuing to clear its existing inventory of properties," it added.

Land & General shares ended at 10.5 sen, down half a sen or 4.55%. This values the group at RM312.18 million.

Edited by Kamarul Azhar Azmi

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