Quarterly revenue slipped 5.7% to RM1.03 billion from RM1.1 billion last year after its retail business' topline decreased, mainly due to pent-up spending for the festivities in the corresponding quarter in FY2022.
Comprising residential and retail components, 168 Park Selayang is a white knight development project located along Jalan Kuching in Selayang.
Earnings per share was 5.16 sen versus 3.76 sen previously.
This is the second issuance under the sukuk programme.
Quarterly revenue declined by 8.52% to RM375.39 million, from RM410.37 million a year earlier.
He replaces Ewe Lay Khim, who is resigning to pursue other business interests and personal commitment.
FLM owns a 60% stake in the JV, Fajarbaru Dynamic Development Sdn Bhd (FDD), while CDSB owns the remaining 40%.
Profit before tax of its property development segment dropped 47.9% to RM37 million in 2QFY2023, from RM71.07 million a year ago as revenue for the segment fell 31.4% to RM159.98 million, from RM233.08 million previously.
Zainal acquired the stake comprising 14.95 million shares on the open market on Aug 18.
The research house said the demand for affordable housing remains neglected while unsold units in other segments remain high as they exceed affordability levels.
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