Damansara Realty returns to black in Q4 with RM14.73 million net profit

PETALING JAYA: Damansara Realty Bhd swung to the black registering a net profit of RM14.73 million for the fourth quarter ended December 31, 2017 against a net loss of RM12.59 million in the previous corresponding period, driven by higher contribution from its property development and integrated facility management (IFM) segments following the implementation of its strategic restructuring plan.
Its revenue soared 34.2% from RM50.09 million to RM67.25 million.
The property developer told Bursa Malaysia that it is focused on accelerating property projects that can improve the group's margins, cash flow and bottom line performance.
It will also continue to expand its IFM capabilities with minimal capital expenditure.
Damansara Realty returned to the black for the whole of 2017 with a net profit of RM17.02 million versus a net loss of RM27.12 million. Revenue came in at RM249.48 million, 36.2% higher than the RM183.2 million it made a year ago.
The stock gained 3 sen or 6% to close at 53 sen today, with some 406,100 shares changing hands.