KUALA LUMPUR: Yong Tai Bhd has returned to the black, thanks to its property venture with a net profit of RM6.68 million for the fourth financial quarter ended June 30, 2015 (4QFY15) compared with a net loss of RM5.63 million a year ago.

Revenue doubled to RM21.85 million from RM10.83 million in 4QFY14.

The profits were mainly arising from the contribution from the joint- venture project collaboration in the property business and gain on disposal of two loss-making wholly-owned subsidiaries amounting to RM7.05 million, Yong Tai said in a statement yesterday.

For the full year ended June 30 (FY15), the garment manufacturer-turned-property developer posted a net profit of RM7.75 million, from a net loss of RM7.27 million in FY14.

Revenue doubled to RM97.02 million in FY15 from RM48.46 million in FY14, mainly due to revenue recognition from ongoing projects in the property development business.

Executive director Ng Jet Heong said overall, the group’s performance was boosted by the contribution from the property development segment of RM55.45 million, following the completion of its maiden property development project in Melaka, namely 99 Residences. 99 Residences is now known as The Pines.

On the group’s prospects for FY16, Ng expects its performance to remain favourable, driven by the property development segment.

This article first appeared in digitaledge Daily, on August 28, 2015.