Damansara Realty net profit 17.7% higher in Q4

21 Feb 2019 / 11:35 H.

KUALA LUMPUR: Damansara Realty Bhd’s net profit for the fourth quarter ended Dec 31, 2018 jumped 17.7% to RM17.34 million from RM14.73 million a year ago thanks to contribution from its integrated facilities management (IFM) segment.

Its revenue rose 22.4% to RM82.31 million compared with RM67.25 million in the previous year’s corresponding quarter.

For the full-year period, the group’s net profit grew 21.1% to RM20.62 million form RM17.02 million a year ago, with revenue expanding 21.9% to RM304.13 million from RM249.48 million.

Damansara Realty managing director Brian Iskandar Zulkarim said the group continues to shift its business focus to high-growth markets and higher-margin projects.

“Having a range of recurring income streams have buffered the impact of the soft property market, with IFM being the main driver of sustainable profit and organic growth. Moving forward, we will be focusing on expanding our IFM capabilities in technology and innovation, to enable our customers to improve efficiency, productivity and automation while managing rising manpower costs,” he added.

He also highlighted that Damansara Realty has been streamlining its operations to optimise resources and capital to generate better margins and returns, exiting niche markets and low margin operations. At the same time, it is expanding its project management & consultancy segment by pairing it with the property & land development (PLD) segment to target specialised projects such as hospital and medical centre development.

“Combining strengths with PLD to expand our consultancy services beyond the healthcare sector and broaden our specialty in the areas of construction and hospital management will diversify income streams as well as support the group’s property projects,” he explained.

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