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News Room

24 Apr 2013

Tambun Indah 1Q profit rises 28% to RM11.73 million

The Edge Online

KUALA LUMPUR (April 24): Tambun Indah Land Bhd reported a 28% rise in first quarter profit from a year earlier as the property developer raked in higher real estate sales.

In a statement to the bourse today, Tambun Indah said net profit came to RM11.73 million in the quarter ended March 31, 2013 versus RM9.16 million previously. Revenue rose 19% to RM78.32 million from RM65.99 million.

"The group's construction and project management segment returned lower revenue in the current quarter as compared to previous corresponding quarter.

"The reduced revenue was mainly due to certain construction contracts being substantially completed in the current quarter," Tambun Indah said.

As at March 31 this year, the group said it recorded an average take up rate of 70.9% on its ongoing projects while unbilled sales came to RM425 million.

These should contribute to the company's earnings for the next two to three years, it said.

"Based on the foregoing and subject to successful implementation of the projects, the group expects to achieve favourable performance in the current financial year," Tambun Indah said.