Lower expenses lift Matrix Concepts Q3 profit

PETALING JAYA: Matrix Concepts Holdings Bhd’s net profit rose 34.4% to RM65.33 million in the third quarter ended December 31, 2019 from RM48.61 million in the same quarter of the previous year, attributed to reduced selling and marketing expenses as well as administrative and general expenses.

Revenue stood at RM278.96 million, a 3.4% decrease from RM285.65 million reported previously.

The property developer has announced a third interim dividend of 3 sen per share, which will be paid out on April 15.

For the cumulative nine-month period, Matrix reported a net profit of RM178.72 million, a 17.8% increase from RM151.70 million reported in the corresponding period of the previous year.

Meanwhile, its revenue came in at RM810.19 million, a 5.4% improvement from RM769 million.

Matrix told Bursa Malaysia that its unbilled sales stood at RM1.2 billion as at December 31, 2019, to be recognised over the next 15 months.

The group said it has expanded its project profile to include more development in Seremban, Kuala Lumpur and Australia, widening its geographical footprint to capture more growth opportunities.

“Total ongoing development stands at RM2.6 billion in gross development value as at December 31, 2019.”

It has also lined up close to RM255.7 million worth of new property launches for the remaining three months of its financial year.

It expects demand for residential properties to remain resilient going forward due to the reduction in the overnight policy rate by Bank Negara in January.

“Despite the cautious sentiment of the property industry, the group is optimistic of positive uptake of its properties due to the carefully tailored property launches aligned to the requirements of our target market.”

At 2.37pm, the stock was trading 1 sen higher at RM1.96 on 233,400 shares done.