Sime Darby Property 1Q net profit up 183% at RM422m

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KUALA LUMPUR (Nov 16): Sime Darby Property Bhd's first quarter net profit rose 183% to RM421.69 million from RM149.07 million a year earlier mainly on asset sale gains. Revenue climbed to RM463.77 million from RM444.36 million.

In a statement to Bursa Malaysia today, Sime Darby Property said it registered a RM41 million gain from the disposal of Malaysia Land Development Co Bhd in the first quarter ended Sept 30, 2017 (1QFY18). The company said it had also registered a RM278 million gain from the sale of its 40% stake in Seriemas Development Sdn Bhd.

Sime Darby Property said: "For this financial year, mindful of the market challenges, the group will be focusing on launches of products that meet the demand of the market namely landed products at the right price-points and also leveraging on proximity to transport hubs."

"The group is prioritising developments based on market demand, focusing on our core strength of township development and improving operational efficiency for higher performance. Subject to the approval of Sime Darby Bhd shareholders at the extraordinary general meeting to be held on Nov 20, 2017, Sime Darby Property is en route for its listing on Bursa Securities on Nov 30, 2017," Sime Darby Property said.