KUALA LUMPUR (Feb 16): Titijaya Land Bhd said its net profit for the second quarter ended Dec 31, 2014 (2QFY15) rose 16.35% to RM18.15 million or 5.14 sen per share from RM15.6 million or 5.36 sen per share on higher contribution from a higher margin project in Seri Alam, Klang.

Quarterly revenue dropped 7.79% to RM66.19 million against RM71.78 million previously due to completion of its projects - Subang Parkhomes and Galleria, Titijaya - it said in a filing with Bursa Malaysia this afternoon.

The property developer (fundamental: 2.15; valuation: 0.6) did not declare or recommend any dividend for the quarter.

For the cumulative six months (1HFY15), Titijaya registered a net profit of RM41.15 million or 11.68 sen a share, up 25.38%, compared with RM32.82 million or 11.95 sen a share in 1HFY14.

Cumulative revenue rose 11.13% to RM153.92 million versus RM138.51 million a year earlier.

On prospects, Titijaya sees group profitability being sustained by continuous sale of its 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," it added.

Shares of Titijaya finished the morning trading session at RM1.99, up 2 sen or 1.02%, with 70,600 shares done for a market capitalisation of RM703.13 million.