PETALING JAYA, 19 February – TITIJAYA LAND BERHAD (“Titijaya” or the “Group”), a premier property developer today announced its second quarter results for its financial period ended 31 December 2015 (“Q2FY2016”) with a revenue of RM105.3 million. The Group’s revenue presented a 59% growth compared to its previous corresponding quarter (“Q2FYE2015”). The leap in revenue was mainly due its progress recognition from its projects namely 3Elements, Zone Innovation and Embun. Titijaya’s Q2FY2016 reported a profit after tax (“PAT”) of RM17.6 million for the quarter under review.
The Group’s first half of its financial year ending 30 June 2016 (“1H2016”), reported a revenue of RM189.8 million and a PAT of RM38.3 million. As at 31 December 2015, the Group’s balance sheet remains healthy with a total equity of RM502.6 million and a net gearing of 0.08 times. To date, the Group’s unbilled sales is RM652.5 million.
“The management has remained cautious of the industry due to various market sentiments that has presented itself in 2015 and what many foresee for 2016. With that said, we are confident that we can maintain a steady profit for the Group for FYE2016. We do haveproperty launches with GDV of RM396.3 million planned for the calendar year of 2016, in which we will strategise to execute in a timely manner.” commented Mr. Lim Poh Yit, Group Deputy Managing Director.
On 30 October 2015, the Group’s wholly-owned subsidiary Titijaya Resources Sdn Bhd entered into a shareholders agreement with Amona Development Sdn Bhd (“ADSB”) to form a Joint Venture (“JV”) Company named Metrogale Development Sdn Bhd as an effort to form a collaboration with its principal activity involved in property development, construction and the provision of property management services. Moving forward it is with intent that the proposed JV will participate in future property development opportunities within the Kuala Lumpur region. This is in line with the Group’s plans to further expand its property development portfolio.
Pursuant to the proposed JV, ADSB has made a proposal to the Government to build school facilities in exchange for a Government land measuring approximately 2.7 acres on Bukit Bintang, Kuala Lumpur.