Booking.com

Booking.com

Favorite Links

Friday, February 26, 2016

Mitrajaya's 4Q earnings rise 57%, as revenue comes in 87.8% higher

KUALA LUMPUR (Feb 25): Mitrajaya Holdings Bhd saw its net profit rise 57% to RM25.35 million or 3.95 sen per share in its fourth quarter ended Dec 31, 2015 (4QFY15) from RM16.14 million or 2.73 sen per share a year ago, driven by higher contribution from its construction and South African investment.

Revenue for the quarter also came in 87.8% higher at RM254.94 million, compared with RM135.76 million in 4QFY14, its bourse filing today showed.

"The increase in the group's revenue and profit before tax was a result of higher contribution from construction and South Africa investment," Mitrajaya said.

For the full financial year (FY15), the developer recorded a net profit of RM87.66 million or 14.03 sen per share, up 63% from RM53.77 million or 9.1 sen per share seen in FY14 after charging out the share options expenses of RM11.64 million and impairment loss on an investment properties of RM2.15 million in the year.

Meanwhile, revenue for FY15 came in at RM891.05 million, up 71.3% from RM520.21 million in FY14.

Having achieved commendable results for financial year ended Dec 31, 2015, the group expects a strong financial performance in FY16.

It said the construction division will continue to contribute significant high revenue and profit before tax for FY16, from its current outstanding order book of RM1.81 billion, which includes two new projects awarded in February 2016 that carries a total contract sum of RM450.32 million.

It also expects its property division to potentially contribute a higher turnover in 2016 from its Wangsa 9 Residency (565 units of condominium) in view of its advanced construction stage, and additional new sales to be achieved in 2016.

"Our investment in South Africa is also expected to contribute significant revenue and profit to FY16 in view of its encouraging sales achieved from the launching of new extensions on Feb 6, 2016. Almost 80% stands were booked on the day of launching," it said.

The board has on Feb 5, 2016 announced that the company entered into a sale and purchase of shares agreement with Optimax Healthcare Services Sdn Bhd to divest 1,275,000 ordinary shares of RM1 each in Optimax for a cash consideration of RM5.1 million.

The proposed divestment is expected to be complete by the second quarter of 2016, it said.

In a separate filing, Mitrajaya said its wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd has accepted a job for the mixed development complex building and external works at Section 13, Petaling Jaya, for RM293 million from PJ Midtown Development Sdn Bhd.

The contract, to commence on April 1 for 26 months and is expected to be completed by May 31, 2018, should contribute positively to its future earnings, it said.

Mitrajaya shares closed 1 sen or 0.86% lower at RM1.15 for a market capitalisation of RM737.87million.

No comments:

Post a Comment