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KUALA LUMPUR (May 28): Titijaya Land Bhd saw its net profit increased 16.5% to RM21.46 million or 6.07 sen per share for the third quarter ended March 31, 2015, from RM18.42 million last year, due to progress recognition from its ongoing developments.
Titijaya Land’s 3QFY15 revenue almost doubled to RM120.24 million, from RM62.53 million last year, mainly due to contribution from property development projects, Sri Alam Phase I and II, and Zone Innovation, according to its filing to the local bourse today.
However, Titijaya said its gross profit margin had declined from 46.5% in 3QFY15 to 42.7% in 3QFY14, from profit recognition on a lower margin project, Embun.
For the cumulative nine months (9MFY15), the developer’s net profit rose 22% to RM62.60 million, from RM51.24 million last year; while revenue stood at RM274.16 million — up 36% from RM201.03 million previously.
Moving forward, the group is confident of sustaining its profitability.
“Based on the group’s on going and upcoming projects, the board is confident that the profitability of the group will be sustained through the continuous sales of the development projects, as well as new launches.
“We are committed to our business and our growth strategies, which have been put in place to propel us to be a stronger property player,” Titijaya Land said.
Titijaya Land's share closed 10 sen or 5.56% higher at RM1.90 today, giving it a market capitalisation of RM636 million.
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