Titijaya's Q3 earnings up 26.8%

PETALING JAYA: Titijaya Land Bhd's net profit jumped 26.8% to RM19.2 million in the third quarter (Q3) ended March 31, 2017, from RM15.2 million in the previous corresponding quarter.
In a statement today, the property developer said this was driven by better cost management and higher profit recognition from its property development projects, namely H20 and 3Elements.
This translates to an improved earnings per share of 4.92 sen, as compared to 4.30 sen a year ago, it added.
Revenue down 32% to RM70.5 million, compared with RM103.6 million in the same period last year.
For the nine months period, its net profit grew 11.8% to RM59.7 million, from RM53.4 million a year ago, while revenue decreased 11.8% to RM258.7 million, against RM293.5 million previously.
Titijaya managing director Tan Sri Lim Soon Peng said given the challenging market condition, the group will continue to pursue strategic partnership and opportunistic land banking activities.
Nevertheless, he said the group is on the right track to achieve the RM300 million sales target for financial year ending June 30, 2017 (FY17).