Sin Chew Daily, 28 May 2011 - Dijaya launches new property development worth RM3.5 billion

Sin Chew Daily, 28 May 2011

Dijaya Corporation Bhd (DIJAYACOR, 5401, Main Board) plans to launch properties worth RM3.5 billion in GDV within the next two years.

Dijaya's MD, said these projects include W KL Hotel & Residences, Tropicana Danga Bay serviced apartment, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and

Tropicana Sungai Long bungalows and semi-dees.

"We believe the company is poised for growth with these projects on the pipeline."

First quarter net profit surged by 38 times

At the same time, due to high profit margin contributed by its new property development launches, Dijaya Corporation's net profit for the first quarter ended 31 March 2011 surged by 3808.41% to RM18.135 million.

However, revenue for the first quarter reduced by 1.19% to RM57.675 million from the preceding quarter.

MD of Dijaya opined that given the current results and good location of current development, the company will continue to post an improving set of results.

The company's impressive performance in the first quarter is also due to 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.