PETALING JAYA, 26 November 2015 – Titijaya Land Berhad, (“Titijaya or the Group) a growing property developer announced its first quarter results for its financial year ending 30 June 2016 (“Q1FYE2016”) yesterday, kick-starting the financial year with revenue of RM84.5 million, a 27.1% increase compared to the immediate preceding quarter (“Q4FYE2015”).
For the quarter under review, the Group reported profit before tax and profit after tax of RM27.5 million and RM20.6 million respectively. This represents an increase of 16.9% and 12.9% in PBT and PAT respectively compared to Q4FYE2015. The leap in earnings was mainly contributed from the higher gross margins achieved for the quarter under review.
“We are pleased with our improved margins and earnings growth despite the current challenges in the domestic property market and the global economy as a whole,” said Lim Poh Yit, the Group’s Deputy Managing Director.
For the financial year ending 2016 (“FYE2016”), the Group has planned 3 upcoming launches with a total estimated Gross Development Value of RM353.4 million. The Group’s current unbilled sales are RM695.8 million.
As at 30 September 2015, the Group’s balance sheet remains robust with total equity of RM501.9 million and net cash of RM37.4 million which enables the Group to execute its land banking strategies as the opportunity arises.