KUALA LUMPUR, May 30 – Land & General Bhd posted a lower pre-tax profit of RM127.34 million for the financial year ended March 31, 2016 (FY16) compared with RM192.34 million in FY15.
Revenue declined to RM342.06 million for the period under review from RM465.37 million previously, it said in a filing to Bursa Malaysia today.
For the fourth quarter ended March 31, 2016, Land & General’s pre-tax profit surged to RM76.04 million from RM6.44 million in the corresponding period previously.
Its revenue for fourth quarter soared to RM184.19 million for the quarter under review from RM56.37 million previously.
For the quarter under review, the Group said it recorded a higher pre-tax profit mainly due to the property division.
The property division posted a higher operating profit of RM75.19 million (4Q2015: RM9.34 million) on the back of a revenue of RM178.62 million (4Q2015: RM50.46 million), following the completion and handover of Damansara Foresta Phase 1 during the quarter, it said.
The Group expects 2017 to be a challenging year amid the weak global economy coupled with the softening of the property market and continual tightening of lending policies.
“In facing these challenges, the Group will continue to pursue innovative marketing approaches to enhance its sales.
“To further improve shareholders’ values, the Group will also continue to look out for new land to acquire to add to its existing development pipeline or enter into joint ventures for development,” it added.