The Edge, 25 August 2011 - Dijaya’s earnings jump 687% to RM20.7 million

The Edge, 25 August 2011

KUALA LUMPUR: Dijaya Corp Bhd’s earnings jumped 687% to RM20.75 million in the second quarter ended June 30, 2011 from RM2.63 million a year ago due to net gain of fair value adjustment and better margins for its projects.

The property developer said on Thursday, Aug 25 its revenue rose 1.3% to RM70.66 million from RM69.72 million. Its earnings per share were 4.56 sen versus 0.6 sen.

In the first half, the net profit surged 1,154% or 100 fold to RM38.89 million from only RM3.10 million. Its net profit edged up 0.2% to RM128.34 million from RM128.09 million.

It said the substantial increase in the earnings despite the marginal increase in revenue was mainly due to better margins for project profit recognised for the six months ended June 30, 2011 compared from the year before.

Dijaya said the projects are the Tropicana Grande, Casa Tropicana Block E, Pool Villas, Grand Villas and Link Villas.

“In additions, the increase in profit before taxation also included a net gain of fair value adjustment amounting to RM20.51 million arising from marketable securities and recognition of RM4 million liquidated and ascertained damages compensated from contractors,” it said.