Property Report , 25 November 2011 - Dijaya posts Q3 revenue increase of 28.2 per cent

Property Report , 25 November 2011

Malaysian developer Dijaya Corp Bhd has registered a 28.2 per cent increase in revenue to RM89.2 million (US$27.9 million) for the third quarter ended September 30. Second quarter revenues were at RM62.2 million (US$19.5 million).

The company attributed the increase to strong sales performance and realisation of progress billings from its project launches, according to Bernama.

"The increase in revenue and improvement in operational results was mainly due to higher profit margin contributions from its new property launches such as Tropicana Grande golf-fronted condominiums and Casa Tropicana final Block E condominium at Tropicana Golf & Country Resort as well as villas at Tropicana Indah Resort Homes," the company said in a statement.

Year-to-date revenue has risen by 14.3 per cent to RM217.5 million (US$68.2 million) from RM190.3 million (US$59.6 million) before.

CEO Tan Sri Danny Tan Chee Sing is confident the company will continue to report improving numbers moving forward based on the current set of results and the good location of the company’s current and upcoming new developments. He said the company owns a sizeable land bank with a gross development value of RM28 billion spread across the main cities in Peninsular Malaysia to be launched in the near future.

"Dijaya now has its main footprint in central, southern and northern regions, which are the major property development area. With all these projects in the pipeline, we are poised for growth," Tan said.

The golf course at the Tropicana Golf and Country Resort