SBC Corp sees better bottomline in FY19

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KUALA LUMPUR (Sept 26): Little known property developer SBC Corp Bhd is confident of achieving a better bottomline for its financial year ending March 31, 2019 (FY19) on the back of meeting its sales target of RM300 million.

Speaking to reporters after its annual general meeting here today, its managing director cum chief executive officer Datuk Sia Teong Heng noted that typically its sales target have been around RM300 million.

"We will definitely see a better bottomline this [financial] year and we are confident of meeting our RM300 million sales target," said Sia, adding that it will be collectively from its current projects.

Notably, SBC's current project locations are Jesselton Quay Central (JQC) at Kota Kinabalu's Waterfront, Cantonment Exchange (CX) at KL's Jalan Ipoh, Kiara East at North KL, Bukit Bandaraya Bangsar and Bandar Ligamas Township at the foothills of Genting Highlands.

For the full year of FY18, SBC reported a net profit of RM2.11 million from a net loss of RM3.04 million last year, while its revenue was 19.52% down to RM51.99 million, from RM64.6 million a year ago.

SBC saw its net loss widen to RM1.79 million in the first quarter ended June 30, 2018 (1QFY19) from RM199,000 last year mainly due to the slow sales from completed projects and the gradual uptake of JQC.

Moving forward in the next five years, Sia noted that SBC sees opportunity in the tourism-related development and will be focusing on such developments. However, Sia noted that he will not rule out any other types of development including affordable housing when opportunity arises.

"We are still optimistic about the affordable housing developments, but we are now no longer reliant on this type of development," said Sia, noting that the property developer has moved into tourism-related developments and lifestyle developments.

At the noon break, shares of SBC were down half a sen or 0.89% at 56 sen, bringing its market capitalisation to RM131.46 million.