YNH Property’s 3Q net profit slumps 97% to RM43,000

• “The group's performance for this year was mainly derived from profit recognition from sales of inventories in Pangsapuri Samudera, and progressive profit recognition of Kiara 163 KL.”

KUALA LUMPUR (Nov 30): YNH Property Bhd’s net profit slumped 97.07% to RM43,000 for the third quarter ended Sept 30, 2022 (3QFY2022), from RM1.47 million for the same quarter last year, amid completion of the K163 development here.

As a result, earnings per share declined to 0.01 sen from 0.28 sen.

The property developer’s revenue for 3QFY2022, however, climbed 68.12% to RM52.84 million from RM31.43 million.

“The group's performance for this year was mainly derived from profit recognition from sales of inventories in Pangsapuri Samudera, and progressive profit recognition of Kiara 163 KL,” it said in a bourse filing.

For the cumulative nine months ended Sept 30, 2022, the group’s net profit grew 36.74% to RM9.91 million from RM7.25 million, as revenue rose 22.37% to RM159.16 million from RM130.06 million.

YNH Property said the group’s project progress as well as its hospitality arm were affected by the Covid-19 pandemic, but countermeasures were taken to mitigate the impact.

“In addition, the stimulus package announced by the Government, including the reduction in the overnight policy rate and reintroduction of the house ownership campaign, made homeownership more affordable. The board is cautiously optimistic that demand for property will be sustainable, given the strategic locations and correct pricing of our properties,” it added.

YNH Property was last traded at RM4.17 a share, giving it a market capitalisation of RM2.21 billion.