Land & General 2Q profit jumps 10 times to RM23m

by **Cals** Wed 20 Nov 2013, 22:28

Business & Markets 2013

Written by Jeffrey Tan of theedgemalaysia.com

Wednesday, 20 November 2013 18:27

KUALA LUMPUR (Nov 20): Land & General Bhd’s net profit jumped 10 times year-on-year to RM23 million in the second quarter ended September 30, 2013, from RM2 million a year earlier.

Revenue soared 179% to RM140 million from RM50 million. In a filing to the stock exchange, the firm said the higher profit stemmed from its property division's higher income.

"The improved results were mainly from the property division," Land & General said.

For the half-year period, the firm registered a higher net profit of RM34 million from RM10 million a year earlier while revenue came in at RM230 million versus RM99 million.

Land & General said the higher profit was in line with the increase in revenue.

It said its Elements@Ampang project continued to draw sales, thus contributing some 90% to the property division’s revenue of RM219 million.

Despite recent cooling measures by the government to curb speculative activities in the property sector, Land & General said it is "confident in sustaining its current performance for the coming two quarters as the development from its on-going projects have secured locked-in sales and are on schedule".

by **Cals** Wed 20 Nov 2013, 22:49

interesting

Land & General 2Q profit jumps 10 times to RM23m

Land & General 2Q profit jumps 10 times to RM23m

Re: Land & General 2Q profit jumps 10 times to RM23m