Borneo Post, 29 May 2011 - Dijaya’s profit surges by 489 per cent in 1Q2011

Borneo Post, 29 May 2011

KUCHING: Dijaya Corporation Bhd (Dijaya) posted an impressive jump in profit after tax (PAT) for the first quarter ended March 31, 2011 (1Q2011).

According to the company’s filling to Bursa Malaysia, the PAT of RM18.54 million registered in the current quarter was an increase of 489 per cent over the previous year corresponding quarter of RM3.15 million.

The higher profit achieved was mainly due to higher profit margin contributed by its new property development launches such as Tropicana Grande golf-fronted condominiums and Casa Tropicana final Block E condominiums at Tropicana Golf & Country Resort as well as Pool

Villas at Tropicana Indah Resort Homes.

In addition to the profit contribution from new developments as stated, the current quarter results included a net gain of fair value adjustment amounting to RM5.16 million arising from marketable securities and recognition of RM4 million in liquidated and ascertained damages compensated from contractor.

The company also has projects under planning to be launched over the next two years worth RM3.5 billion in gross development value. These projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre and Tropicana Avenue.