Damansara Realty returns to black with RM3.66m profit in Q2

PETALING JAYA: Damansara Realty Bhd (DBhd) posted a net profit of RM3.66 million for the second quarter ended June 30, 2019 after reporting a net loss of RM333,000 in the corresponding quarter of the previous year.

This was underpinned by the group’s joint venture development in Central Park, Johor Bahru.

Meanwhile, DBhd’s revenue for the quarter declined by 7.1% to RM68.93 million from RM74.23 million, due to lower contribution from its project management consultancy business as well as lower unit sales from its property project.

For the first six months of 2019, the group reported a net profit of RM5.46 million, a 287.8% jump from the RM1.41 million recorded in the same period last year, while revenue declined 3.6% to RM140.22 million from RM145.47 million.

Managing director Brian Iskandar Zulkarim said the group secured new contracts worth RM80 million for the first six months of the year.

“Currently, our tender book stands at RM313 million up to Q2 2019 with an exciting 26% success rate,” he said.

Moving forward, the group said that while its property & land development segment will remain the key profit driver in the long term, it will continue to be selective with development projects as the market recovers.

“We foresee integrated facility management segment to predominantly generate larger growth opportunities for DBhd, countering the effects of the softer property market,” it added.