KUALA LUMPUR (Feb 28): LBS Bina Group Bhd’s fourth-quarter net profit declined 47% to RM17.11 million or 0.73 sen per share, from RM32.27 million or 2.2 sen per share a year ago, as it has completed and handed over some projects, while ongoing projects are still at an early stage of construction.

In its filing with Bursa Malaysia, LBS Bina said projects that were contributing to its earnings were Bandar Saujana Putra, Desiran Bayu, LBS Alam Perdana, D’ Island Residence, Zenopy Residences, Cameron Golden Hills, Midhills, Bandar Putera Indah, Residensi Bintang Bukit Jalil, Cameron Centrum, Sinaran Mahkota and Kita @ Cybersouth.

Revenue for the quarter ended Dec 31, 2018 dropped 59.9% to RM166.83 million from RM415.69 million previously.

For full-year FY18, LBS Bina’s net profit was down 15.5% to RM85.11 million, from RM100.73 million in FY17, while revenue fell 16.7% to RM1.12 billion from RM1.35 billion.

Earnings per share was lower at 5.5 sen from 6.86 sen in FY17.

LBS Bina said projects within the Klang Valley remain the largest revenue contributor, accounting for more than 60% of the group’s revenue in FY18.

The group recorded total property sales of RM1.53 billion with a total unbilled sales of RM1.75 billion from 17 ongoing projects as at end of FY18.

It has a total land bank of more than 4,000 acres, of which 42% is in Johor, 41% in Selangor and Kuala Lumpur, 12% in Perak, 4% in Pahang and 1% in Sabah.

LBS Bina said while the prospects for the property industry remain challenging, it is expecting its prospects to be positive.

The group’s share price closed unchanged at 68 sen today, giving it a market capitalisation of RM1.06 billion.