Friday 29 Mar 2024
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KUALA LUMPUR (May 31): Titijaya Land Bhd’s net profit for the third quarter ended March 31, 2019 (3QFY19) fell by 54% to RM10.82 million, from RM23.58 million a year earlier, on the back of lower earnings from its property segment and higher investment property depreciation and financing costs.

In a bourse filing this evening, the developer said quarterly revenue, however, expanded 33.2% to RM117.57 million from RM88.28 million in the previous corresponding quarter (3QFY18).

Earnings per share (EPS) for the quarter shrank to 0.81 sen, from 1.75 sen.

For the nine months ended March 31 (9MFY19) , cumulative net profit declined 47.6% to RM32.89 million, from RM62.78 million posted last year. 

Revenue for the nine-month period declined 20.58% to RM267.76 million, from RM337.13 million last year (9MFY18). EPS contracted to 2.49 sen, from 5.16 sen a year ago.

On its prospects, the group said its financial year ending June 30, 2019 (FY19) will be challenging, due to weak market sentiment.

“Despite that the property market is seeing a slowdown in activities, the group’s long-term growth prospect remains positive, based on a strong competitive position and consistent demand for the type of residential properties the Group has offered,”  Titijaya said.

The developer's stock dropped 0.5 sen to 29 sen today, with 407,400 shares traded, giving it a market capitalisation of RM396.61 million.

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