KUALA LUMPUR (June 9): Malton Bhd is unfazed by Bank Negara Malaysia (BNM)'s new ruling, which saw the requirements for home loan applications being tightened.

Speaking to theedgemarkets.com after unveiling its iconic development here today, Malton's executive director Hong Lay Chuan believed that it would not dampen market sentiments.

"What we are offering is different from the others. We hoped to help public to own a property here," he said.

"Furthermore, the 112 units of commercial office, which we launched recently, have been sold," he added.

Bukit Jalil City, an integrated development which sits on a 50-acre freehold land, carries RM1.5 billion in gross development value (GDV).

The development is divided into four phases, comprising Phase 1 — the development of 3- and 5-storey signature shop offices, Phase 2 — building a luxury high-rise park residence, while Phase 3 and Phase 4 are the development of a regional shopping mall and a proposed hotel or corporate office tower.

Currently Malton (fundamental: 0.8; valuation: 2) has an unbilled sales of RM1.3 billion. Malton's order book stood at RM1.3 billion which would keep the company busy for the next three years.

For the third quarter ended March 31, 2015 (3QFY15), Malton posted a 95.4% jump in net profit to RM5.1 million, or 1.16 sen per share, from RM2.67 million, or 0.64 sen per share a year ago.

It attributed this to the higher billings from its Bukit Jalil City project in Kuala Lumpur and SK One Residence project in Seri Kembangan.

Cumulative revenue was lower by 38.8% to RM26.42 million or 6.08 sen per share, from RM43.19 million or 10.33 sen per share in the same period a year ago.

Third quarter was RM132.14 million, 29% higher than its 3QFY14 revenue of RM102.62 last year.

For the cumulative period, its revenue came in at RM354.92 million, down 10.9% compared to RM398.14 million.

At 11.46, Malton was traded at 88 sen, up 0.5 sen or 0.57%, for a market capitalisation of RM392.36 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.)