KUALA LUMPUR (Feb 23): Tambun Indah Land Bhd plans to launch RM570 million worth of projects in 2012 both on Penang island and the mainland.
It said on Thursday that among the projects were the Straits Garden in Penang Island, and Pearl Residence, Pearl Indah, Carissa Villas and BM Residence on the mainland of Penang.
Tambun Indah said it recorded strong property sales in the financial year ended Dec 31, 2011.
It sold 912 units valued at RM347.3 million in FY11 compared to 396 units valued at RM137.1 million in FY10.
“The strong property sales in FY11 saw group revenue and profit before tax (PBT) increase 49.8% and 29.8% to RM191.8 million and RM46.9 million respectively, from proforma revenue of RM128.1 million and PBT of RM36.2 million a year ago,” it said.
Tambun Indah said net profit dipped 6.5% to RM23.6 million in FY11 from RM25.2 million in FY10 due to higher administrative expenses, which included a one-off RM2.67 million listing expenses incurred during the listing exercise on the Main Market.
Managing director Teh Kiak Seng said the group has a future gross development value of RM2.8 billion on its undeveloped land bank of 625.0 acres, which would sustain the group’s growth until 2020.
“With this in mind, we believe the group will continue to perform well in the next few years,” he said.
It said on Thursday that among the projects were the Straits Garden in Penang Island, and Pearl Residence, Pearl Indah, Carissa Villas and BM Residence on the mainland of Penang.
Tambun Indah said it recorded strong property sales in the financial year ended Dec 31, 2011.
It sold 912 units valued at RM347.3 million in FY11 compared to 396 units valued at RM137.1 million in FY10.
“The strong property sales in FY11 saw group revenue and profit before tax (PBT) increase 49.8% and 29.8% to RM191.8 million and RM46.9 million respectively, from proforma revenue of RM128.1 million and PBT of RM36.2 million a year ago,” it said.
Tambun Indah said net profit dipped 6.5% to RM23.6 million in FY11 from RM25.2 million in FY10 due to higher administrative expenses, which included a one-off RM2.67 million listing expenses incurred during the listing exercise on the Main Market.
Managing director Teh Kiak Seng said the group has a future gross development value of RM2.8 billion on its undeveloped land bank of 625.0 acres, which would sustain the group’s growth until 2020.
“With this in mind, we believe the group will continue to perform well in the next few years,” he said.
