The Sun, 25 November 2011 - Dijaya Q3 adjusted net profit up 70% to RM9.5 million

The Sun, 25 November 2011

PETALING JAYA: Lifestyle developer Dijaya Corp Bhd saw its net profit for the third quarter ended Sept 30, 2011 (Q3) rise 70% to RM9.5 million from RM5.6 million a year ago, after it made a fair value adjustment on marketable securities of RM22.3 million as required by accounting standards.

Its revenue grew 28.2% to RM89.2 million from RM62.2 million a year earlier on the back of strong sales and recognition of progress billings from project launches.

In a statement yesterday, Dijaya said for the nine months of 2011, net profit was RM26.1 million, up RM17.4 million from RM8.7 million a year ago, while its adjusted net profit rose 220% to RM27.8 million.
Year-to-date revenue also advanced to RM217.5 million, 14.3% better than the RM190.3 million recorded in the same period last year.

The company attributed th increase in revenue and improvement in operational results 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 Pool Villas, Grand Villas and Link Villas at Tropicana Indah Resort Homes.

Dijaya's group chief executive officer Tan Sri Danny Tan Chee Sing said given the current set of results and the good location of the company's current and new developments, he is optimistic that the group will continue to post better results.