KUALA LUMPUR (Nov 22): BANDAR RAYA DEVELOPMENTS BHD [] posted net profit of RM28.40 million in the third quarter ended Sept 30 from a net loss of RM745,000 a year ago due to better property development gross margins.
It said on Tuesday other positive factors were higher rental income and gain from disposal of the gourmet delicatessen and foodhall business in the property division.
Its revenue rose 11.5% to RM142.33 million from RM127.59 million while earnings per share were 5.80 sen compared with loss per share of 0.20 sen.
BRDB said the revenue was boosted by the manufacturing division but revenue from the property division fell 14% quarter-on-quarter to RM71.0 million from RM82.3 million, despite strong sales of the group’s new projects.
In the nine-month period, its earnings fell 52.8% to RM49.78 million from RM105.56 million in the previous corresponding period while revenue was up just 2% to RM478.41 million from RM468.76 million.
Elaborating on the revenue, it said that turnover from the property division slipped 21% with lower contributions from property development and CONSTRUCTION [], which were partially mitigated by higher rental income from Bangsar Shopping Centre (BSC) and Menara BRDB.
“The group posted pre-tax profit of RM46.4 million for the period under review, down 64% against RM130.4 million a year ago due to lower development profits from projects in Kuala Lumpur although profit contribution from Johor projects improved significantly.
“In addition, the results last year had accounted for an RM82.7 million gain from adjustment to fair value of BSC which when excluded, would show a comparable group pre-tax profit of RM47.7 million for the earlier period,” it said.
It said on Tuesday other positive factors were higher rental income and gain from disposal of the gourmet delicatessen and foodhall business in the property division.
Its revenue rose 11.5% to RM142.33 million from RM127.59 million while earnings per share were 5.80 sen compared with loss per share of 0.20 sen.
BRDB said the revenue was boosted by the manufacturing division but revenue from the property division fell 14% quarter-on-quarter to RM71.0 million from RM82.3 million, despite strong sales of the group’s new projects.
In the nine-month period, its earnings fell 52.8% to RM49.78 million from RM105.56 million in the previous corresponding period while revenue was up just 2% to RM478.41 million from RM468.76 million.
Elaborating on the revenue, it said that turnover from the property division slipped 21% with lower contributions from property development and CONSTRUCTION [], which were partially mitigated by higher rental income from Bangsar Shopping Centre (BSC) and Menara BRDB.
“The group posted pre-tax profit of RM46.4 million for the period under review, down 64% against RM130.4 million a year ago due to lower development profits from projects in Kuala Lumpur although profit contribution from Johor projects improved significantly.
“In addition, the results last year had accounted for an RM82.7 million gain from adjustment to fair value of BSC which when excluded, would show a comparable group pre-tax profit of RM47.7 million for the earlier period,” it said.
