YNH Property 3Q net profit up 69% on lower operating and income expenses

-A +A

KUALA LUMPUR (Nov 22): YNH Property Bhd's third quarter net profit jumped 68.5% to RM11.62 million from RM6.9 million a year ago on higher revenue and lower tax, marketing and operating expenses.

Earnings per share for the quarter ended Sept 30, 2019 rose to 2.2 sen from 1.3 sen.

Revenue was up 8.05% to RM106.09 million compared with RM98.18 million previously, according to the property developer’s filing with the stock exchange.

For the cumulative nine months, the group's net profit surged 60.78% to RM24.42 million or 4.62 sen per share from RM15.19 million or 2.87 sen per share last year.

Nine-month revenue, however, dipped 6.15% to RM258.99 million from RM275.96 million.

The group said the plan to build Menara YNH on Jalan Sultan Ismail has received the development order. The gross development value (GDV) for the project comprising the office tower and a shopping mall is estimated to be RM2.1 billion.

Meanwhile, YNH Property has also entered into a series of joint venture agreements for the development of a few pieces of land strategically located near Mont Kiara, Sri Hartamas, Kuala Lumpur city centre, Ipoh city and Seri Manjung town.

These developments are at the planning stage and have an estimated gross development value of RM1.8 billion and are expected to contribute to the group's earnings for the next 15 to 20 years, it said.

On its 95-acre plot of land located in Genting Highlands, the group said it has proposed to develop the land with a project comprising commercial units, bungalows, condominiums and retail units with a GDV of RM1.96 billion. The project is expected to contribute to the group's earnings for the next 20 years.

Shares in YNH closed two sen or 0.79% higher at RM2.55, bringing it a market capitalisation of RM1.35 billion.