Matrix Concepts records RM46m Q1 net profit

KUALA LUMPUR: Property developer Matrix Concepts Holdings Bhd, en
route to listing on Bursa Malaysia tomorrow, posted a net profit of
RM46 million for its first quarter ended 31 March 2013 on the back of
RM155.6 million revenue.

Residential and commercial property
sales contributed 76 per cent, or RM118.3 million, of the revenue while
the remaining 24 per cent, or RM37.3 million, was from industrial
property sales.

No figures from the previous year's
corresponding results were available for comparison as this is the first
quarterly results it announced to Bursa Malaysia.

For its previous financial year ended December 31 2012, it reported a RM103.5 million net profit and RM456.1 million revenue.

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On the its first quarter performance, Matrix chairman Mohamad Haslah
Mohamad Amin said the results indicates "the strong traction our
development projects in Seremban have gained with the buyers".


"For the rest of the year, we remain optimistic as we aim to launch
more than RM600 million worth of projects for the whole of this year,
which will certainly sustain our group's financial performance," he said
in a statement.

Meanwhile, Maybank IB Research said Matrix has
627.3ha of landbank with an estimated gross development value of RM5.1
billion to sustain earnings until 2019.

It expects Matrix's earnings to grow by 21 per cent and 16 per cent in fiscal years of 2013 and 2014, respectively.

This will be driven by RM445 million in unbilled sales, RM800 million
worth of annual sales launches and 75 per cent take-up rates.


"The accumulated unbilled sales are from its two ongoing projects,
namely Bandar Sri Sendayan in Seremban and Taman Seri Impian in Kluang,
Johor.

"Profits are expected to continue growing in double
digits as margins expand following the launch of higher priced products
and accelerated sales of industrial land at Sendayan TechValley," it
said in a note.



KUALA LUMPUR: Property developer Matrix Concepts Holdings Bhd, en
route to listing on Bursa Malaysia tomorrow, posted a net profit of
RM46 million for its first quarter ended 31 March 2013 on the back of
RM155.6 million revenue.

Residential and commercial property
sales contributed 76 per cent, or RM118.3 million, of the revenue while
the remaining 24 per cent, or RM37.3 million, was from industrial
property sales.

No figures from the previous year's
corresponding results were available for comparison as this is the first
quarterly results it announced to Bursa Malaysia.

For its previous financial year ended December 31 2012, it reported a RM103.5 million net profit and RM456.1 million revenue.

[You must be registered and logged in to see this image.]

On the its first quarter performance, Matrix chairman Mohamad Haslah
Mohamad Amin said the results indicates "the strong traction our
development projects in Seremban have gained with the buyers".


"For the rest of the year, we remain optimistic as we aim to launch
more than RM600 million worth of projects for the whole of this year,
which will certainly sustain our group's financial performance," he said
in a statement.

Meanwhile, Maybank IB Research said Matrix has
627.3ha of landbank with an estimated gross development value of RM5.1
billion to sustain earnings until 2019.

It expects Matrix's earnings to grow by 21 per cent and 16 per cent in fiscal years of 2013 and 2014, respectively.

This will be driven by RM445 million in unbilled sales, RM800 million
worth of annual sales launches and 75 per cent take-up rates.


"The accumulated unbilled sales are from its two ongoing projects,
namely Bandar Sri Sendayan in Seremban and Taman Seri Impian in Kluang,
Johor.

"Profits are expected to continue growing in double
digits as margins expand following the launch of higher priced products
and accelerated sales of industrial land at Sendayan TechValley," it
said in a note.



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