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Dijaya Q2 net profit up 4-fold to RM107 million

The Sun, 30 August 2012

PETALING JAYA: Dijaya Corp Bhd's second-quarter net profit rose over four-fold to RM107.2 million from RM20.8 million a year ago, mainly due to the fair value adjustment on its investment properties and contribution from developments such as Tropicana Grande and Tropicana Avenue at Tropicana Golf and Country Resorts here, and Tropez Residence at Tropicana Danga Bay, Johor.

Revenue for the three months ended June 30, 2012 improved by 66% to RM117.1 million from RM70.7 million, due to higher recognition of progress billings from its ongoing development projects and new projects launched in the Klang Valley and Johor Baru.

For the six-month period, Dijaya's net profit rose 207% to RM119.5 million from RM38.9 million a year ago, while revenue increased 83% to RM234.9 million from RM128.3 million.

As at June 30, 2012, the group's unbilled sales stood at RM636 million.

The property developer believes that it will continue to receive positive response and achieve an improved performance for the financial year ending Dec 31, 2012 (FY12) as its projects are located in prime and strategic locations.

The group is also undergoing a corporate exercise involving the amalgamation of the properties owned by its major shareholder and group CEO Tan Sri Danny Tan Chee Sing and parties related to him, amounting to RM1.1 billion.

The definitive agreements for the proposed amalgamation exercise had become unconditional on Aug 28.

Tan said he is optimistic that withe the current strong results and completion of the proposed amalgamation exercise, Dijaya will deliver strong earnings for FY12.

"We will be able to recognise income from investment properties upon completion of the amalgamation exercise in the fourth quarter.

"We will have a total landbank of 369ha in prime areas with a gross development value (GDV) of RM38 billion. With a pipeline of innovative projects, the group is poised for stronger growth," he siad in a statement yesterday.

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