PETALING JAYA: LBS Bina Bhd posted a net profit of RM9.34 million for the first quarter ended March 31, a 47.2% decline from RM17.68 million in the previous corresponding quarter.
Revenue for the quarter was also lower at RM299.27 million, from RM326.56 million.
The group’s property development segment recorded higher revenue and lower profit before tax (PBT) mainly due to lower sales and lower profit margin.
However, group managing director Tan Sri Lim Hock San said the group’s future landbank has a gross development value of RM33 billion, which is estimated to keep the group busy for 10 to 15 years.
“LBS’ undeveloped land bank now totalled at 3,610 acres are strategically located at Klang Valley, Pahang, Perak, Johor and Sabah. It has a collective future GDV of RM33 billion. We ill continue to look at attractive land-banking acquisitions as and when opportunities arise,” he said.
As of June 29, LBS has secured RM317 million in sales, and RM305 million in bookings. LBS has 16 ongoing projects with an estimated GSV of RM4 billion.
Meanwhile, the construction and trading segment recorded revenue and PBT of RM125 million and RM1 million respectively, primarily contributed from in-house projects.
The motor racing circuit segment recorded revenue of RM1 million and a loss before tax (LBT) of RM4 million as compared to revenue of RM5 million and LBT of RM2 million previously, as scheduled racing events have been postponed to a later date which had negative impact on the revenue and LBT.
Looking ahead, Lim said LBS plans to launch several projects with a combined estimated GDV of RM1 billion in the next few months.
These new launches include KITA Mekar single-storey, double-storey houses and town houses, in KITA @ Cybersouth. Meanwhile, new projects in LBS Alam Perdana township in Bandar Puncak Alam include Ritma Perdana town houses and terrace houses as well as the second block of Melodi Perdana apartments.
The bulk of the coming launches is derived from the affordable segment below RM500,000.
“Affordability remains the key concern for homebuyers and therefore, we will continue to maintain our strategy of building homes to meet this market demand. LBS’ properties and townships were designed based on the three main pillars of affordability, connectivity and community,” he added.