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NewsTambun Indah's 1Q net profit falls 21% on lower revenue
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Tambun Indah's 1Q net profit falls 21% on lower revenue
by Cals Thu 19 May 2016, 00:03
Tambun Indah's 1Q net profit falls 21% on lower revenue
By Yimie Yong / theedgemarkets.com | May 18, 2016 : 7:54 PM MYTKUALA LUMPUR (May 18): Tambun Indah Land Bhd’s net profit fell 21.03% to RM23.62 million or 5.57 sen per share in the first quarter ended March 31, 2016 (1QFY16), from RM29.91 million or 7.10 per share in 1QFY15, on the back of lower revenue attributed to several of its projects nearing completion, and three recently-launched projects having been at early stages of construction.
Revenue declined 31.51% to RM89.32 million, from RM130.41 million.
In a statement today, the Penang-based property developer said its unbilled sales as at March 31 amounted to RM354.4 million, which would contribute positively to the group’s earnings for the next two to three years.
As at March 31, Tambun Indah said it achieved an average take-up rate of 76.6% for its ongoing projects, with a total gross development value of RM1.67 billion.
“Based on the foregoing and subject to successful implementation of the projects, the group expects to achieve satisfactory performance in the current financial year,” Tambun Indah said in its notes accompanying its financials.
Shares of Tambun Indah closed unchanged at RM1.38 today, with 164,800 shares traded, for a market capitalisation of RM586.62 million.
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