Dijaya Q4 pre-tax profit surges by 73pc

by **hlk** Wed 29 Feb 2012, 01:18

Property developer Dijaya Corp Bhd's pre-tax profit for the fourth quarter ended Dec 31, 2011, increased 73 per cent to RM50.755 million from RM29.408 million in the corresponding quarter in 2010.

Its revenue rose by 53 per cent to RM156.196 million from RM101.923 million previously, on the back of good sales performance and recognition of progress billings from its project launches.

For the full year, its pre-tax profit rose to RM87.728 million from RM53.394 million in the previous year as revenue surged to RM373.716 million from RM292.258 million previously.

Dijaya has proposed a three sen per share dividend for financial year ended Dec 31, 2011.

Group chief executive officer, Tan Sri Danny Tan Chee Sing, said the group now has its footprints in Klang Valley, Penang and Johor, which were the major property development areas.

"With all these projects in the pipeline, the group is poised for growth and expansion in the market share to achieve market capitalisation of above RM1 billion," he said in a statement today.

Tan said given the current set of results and the good location of the company’s current and new developments, the group would continue to post an improving set of results.

Last year, Dijaya has greatly expanded its land bank which is now spread throughout the main cities in Peninsular Malaysia, totalling RM28 billion in gross development value, he said.

He said with the unbilled sales of RM538 million at the end of last year, the group expected improved performance in 2012. -- Bernama