KUALA LUMPUR (Nov 20): Land & General Bhd saw its net profit for the second quarter ended Sept 30, 2017 (2QFY18) more than double to RM25.36 million or 0.87 sen per share, from RM10.28 million or 0.93 sen per share a year ago.
 
The property developer said the improvement was attributable to the group’s write back of costs from the finalisation of builder’s work in respect of its Damansara Foresta project, and a RM33.7 million gain from the acquisition of its land for the mass rapid transit (MRT) project.
 
In a filing with Bursa Malaysia, Land & General said quarterly revenue grew 45.2% to RM22.82 million for 2QFY18, from RM15.71 million the previous year.
 
For the first half of FY18 (1HFY18), Land & General’s net profit more than doubled to RM49.29 million, from RM20.56 million in 1HFY17, while revenue grew 25% to RM34.51 million, from RM27.61 million.
 
Moving forward, the group expects the remaining quarters of FY18 to remain challenging, due to the continuous soft property market.
 
“The group however, will strategise its products which are located in prime areas and those with improved connectivity to MRT for its upcoming launches, to appeal to market demand,” Land & General said.