The Edge, 25 November 2011 - Dijaya chalks up 43% revenue jump

The Edge, 25 November 2011

KUALA LUMPUR: property developer Dijaya Bhd saw its revenue for 3QFY11 ended Sept 30 grow by 43.3% y-o-y to RM89.2 million from RM62.2 million, driven by strong sales and recognition of billings from its project launches.

However the company booked a net loss f RM12.8 million for the quarter compared to a net profit of RM5.6 million for the previous year. This was due to a net loss of RM22.26 million arising from the fair value adjustments of marketable securities.

"Excluding this adjustment, the group registered a profit before tax of RM13.86 million for this quarter compared to RM8.66 million in the corresponding quarter last year," explained Dijaya.

On a 9MFY11 basis, net profit rose to RM26.05 million compared to RM8.67 million for the previous year's corresponding period. Revenue for the nine months rose to RM217.52 million from RM190.34 million.

According to Dijaya, its results were driven by higher profit margin contributions from its new property launches such as Tropicana Grande condominiums and Casa Tropicana final Block E condominium among others.

Going forward, Dijaya is planning to roll out projects in both the Klang Valley and Johor.

The group also recently signed a joint venture agreement with Ivory Properties Group Bhd for a mixed development with a gross development value GDV of RM10 billion in Bayan Mutiara, Penang.

"With the latest join venture in the northern region, the group now owns a sizeable landbank worth RM28 billion in GDV spread across the main cities in Peninsular Malaysia to be launched in the near future. With all these projects in the pipeline, the group is poised for growth growth," stated Dijaya's group CEO Tan Sri Danny Tan.

Tan says Dijaya now owns a landbank worth RM28 billion in GDV in Peninsular Malaysia.