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Thursday, September 26, 2013

SBC eyes up to 50% higher revenue for current fiscal year


KUALA LUMPUR: Property developer SBC Corp Bhd (SBC) expects its revenue to increase by 40% to 50% in the financial year ending March 31, 2014, bolstered by its ongoing and upcoming projects.

SBC Managing Director Sia Teong Heng said he expects current unbilled sales of between RM210mil to RM220mil to contribute to the group's bottomline.

The group has five projects comprising condominiums, shop offices and landed double-storey houses in Kuala Lumpur, Kota Kinabalu and Kuantan.

SBC, which has been making inroads into Kota Kinabalu, has embarked on the redevelopment of the Jesselton Waterfront for an estimated gross development value of RM1.8bil.

The project, on a 6.6ha site, is a joint venture with Sabah government-linked company Suria Capital Holdings Bhd.

Sia said the project will consist of mixed properties including retail commercial spaces, premium offices, waterfront serviced residences, waterfront business hotel and world-class marina facilities.

"We have submitted the plan and the construction will commence in the first quarter of next year.

"The full impact of this project will come in the year 2015," he told a press conference after the group's 23rd annual general meeting here today.

The group posted a slighlty higher pre-tax profit of RM38.8mil, up 11.63% for the financial year ended March 31, 2013 from RM34.78mil registered in 2012.

Revenue, however, dropped to RM126.03mil against RM153.70mil achieved in the previous year.

"The lower revenue was mitigated with an overall better bottom line performance, recording a higher profit after tax of RM27.91mil compared to RM22.68mil in 2012," said Sia.

He further said the group's net earnings per share increased by 21.43% to 34 sen compared to 28 sen registered during the last corresponding period.

On prospects, he said SBC is confident that the current projected GDV of RM4.8bil, to be rolled out over the next 10 years, will transform the company's revenue profile in the next few years. - Bernama

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