The Star, 25 November 2011 - Dijaya Q3 revenue up 28% on strong sales

The Star, 25 November 2011

KUALA LUMPUR: Dijaya Corp Bhd registered a 28.2% increase in revenue to RM89.2mil for its third quarter ended Sept 30, 2011 from RM62.2mil in the previous corresponding period.

The company attributed this to the strong sales performance and recognition of progress billings from its project launches.

“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,” it said in a statement Bursa Malaysia.

Due to accounting standards, Dijaya has also made a fair value adjustment on marketable securities of RM22.3mil which had caused it to record a technical net loss of RM12.84mil. Excluding this fair value adjustment, Dijaya had registered an adjusted profit after tax and minority interest (Patmi) of RM9.5mil from RM5.6mil previously.

Meanwhile, year-to-date revenue rose by 14.3% to RM217.5mil from RM190.3mil before. The year-to-date Patmi was RM26.1mil, which represented a RM17.4mil increase from the previous corresponding period’s RM8.7mil.
Dijaya’s CEO Tan Sri Danny Tan Chee Sing expects the company to continue posting improved numbers moving forward based on the current set of results and the good location of the company’s current and upcoming new developments.

“Dijaya now owns sizeable land bank worth RM28bil in GDV spread across the main cities in Peninsular Malaysia to be launched in the near future. Dijaya now has its 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.