KUALA LUMPUR (May 28): Goldis Bhd’s net profit jumped 71% on-year to RM33.39 million or 5.49 sen per share for its first quarter ended March 31, 2015 (1QFY15), from RM19.56 million or 3.31 sen per share as its property development segment saw a 95% revenue spike.

The group’s revenue for the quarter was up 13% on-year at RM365.50 million from RM322.06 million, Goldis’ announcement to the local bourse this evening showed.

The increase in revenue was mainly contributed by the property development segment, which leapt to RM89.4 million from RM45.8 million in 1QFY14 on the completion and hand-over of 468 units of service apartments at G Residence, said Goldis (fundamental: 0.5; valuation: 1.1).

“The apartment development, known as Three28 Tun Razak by our group, was launched in October 2013 [and] has achieved sales of over 93% with total sales value of RM157 million,” it added.

Its property investment – retail segment – represented by IGB Real Estate Investment Trust (IGB REIT), saw a 9% revenue increase to RM122.4 million; its property investment – commercial segment – saw a flat revenue of RM48.8 million compared with RM48.6 million a year earlier.

To recap, Goldis had in July 2014 launched a takeover offer for the remaining shares it does not own in IGB Corp Bhd (fundamental: 1.2; valuation: 2.0) for RM2.88 per share. As at March 10, 2015, Goldis holds some 978.79 million shares, representing a 73.32% equity interest in IGB.

Meanwhile, Goldis’ hotel segment saw a softer quarter, with revenue lowered to RM79.7 million from RM95.9 million previously, on lower occupancy rate in all its hotels and lower average room rates.

Looking ahead, Goldis maintains there will be a challenging outlook for its property investment and property development segment, while its hotel segment is expected to post a stable performance.

“The board is cautiously optimistic that the performance for the group for FY2015 will be satisfactory although 2015 is expected to be a challenging year,” said the group.

Goldis closed unchanged at RM2.29 for a market capitalisation of RM1.39 billion.

(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 isattractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)