Friday 29 Mar 2024
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KUALA LUMPUR (Nov 18): PJ Development Holdings Bhd (PJD), which announced that its managing director (MD) Wong Chong Shee is retiring today, has achieved a net profit of RM17.48 million, for the three months ended Sept 30, 2015, on the back of a RM210.95 million revenue.

It also declared a single-tier interim dividend of 2.5 sen per share in respect of the financial period ending Dec 31, 2015, to be paid on a date to be fixed, its filing to Bursa Malaysia today showed.

The company said due to the change in financial year end from June 30 to Dec 31, effective from the financial year ended June 30, 2015 and early adoption of the Malaysian Financial Reporting Standards (MFRS) framework, there is no comparative quarterly segmental information for the current quarter under review.

However, if compared to the corresponding three months in 2015, the group saw its revenue drop by 13.49% to RM210.95 million from RM243.83 million, on lower revenue from its property, construction and integrated building system divisions.

Its latest pre-tax profit is also 32% lower, compared with RM36.22 million in the same period last year, primarily due to lower revenue registered.

The group expects the economy to be challenging for the remainder of the year and is cautiously optimistic of its performance for the financial period ending Dec 31, 2015.

"As a result of the softening property market and tightening bank credit, the take-up rate of property sales is expected to be slower," it said, but added that the company's latest development project — Genting Windmill Upon Hills — experienced positive take-up rate since its launch in May.

The construction division is expected to contribute positively in this financial year with the current internal projects in hand, but the growth of both Integrated Building System and cable divisions are expected to slow down due to the softening property market and resulting in weaker demand.

In a separate filing, PJD said its 60-year-old MD is retiring, effective today. Wong is the brother of Tan Sri Ong Leong Huat @ Wong Joo Hwa, PJD's non-independent non-executive chairman and a major shareholder of the company.

PJD shares were unchanged at RM1.47 with market capitalisation of RM769.8 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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