Country View 4Q net profit rises 65% y-o-y, pays 7 sen dividend

by **Cals** Tue 21 Jan 2014, 22:40

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Tuesday, 21 January 2014 18:20

KUALA LUMPUR (Jan 21): Country View Bhd reported a net profit of RM22.1 million for its fourth quarter ended November 30, 2013, up 65% from RM13.4 million a year earlier.

Revenue rose 40% to RM79.1 million from RM56.6 million. The group said the rise in revenue and profit was mainly derived from its property development division.

“The increase in the revenue and profit before tax was derived from the sales of the development properties in Taman Nusa Sentral and Residence at The Peak together with a higher percentage of completion recognised for the properties under development,” Country View said in a statement to the stock exchange today.

Cumulative full-year net profit increased to RM77.8 million from RM38 million a year earlier while revenue rose to RM272.9 million from RM191.2 million.

Country View plans to pay a dividend of seven sen a share for the quarter in review. This brings total dividends for the year to 27 sen a share.

Looking ahead, the group maintains a cautious outlook on its performance.

“This is in view of factors such as the new cooling measures introduced under the Malaysian Budget 2014, stricter mortgage lending requirements by financial institutions and intensifying competition resulting from the entry of developers from China into Iskandar Malaysia,” it said.

Country View said it expects revenue and profit to be driven by sales of its residential properties, triple-storey shop offices and serviced apartments in Taman Nusa Sentral, Bandar Nusajaya, Johor.