PETALING JAYA: Sime Darby Property Bhd’s (SDP) net profit for the second quarter ended June 30, 2019 surged over fourfold to RM205.26 million from RM46.57 million in the previous corresponding period, attributed to lower losses from its leisure and hospitality segment and RM81.1 million land disposal in Selarong, Kedah.
Revenue for the period came in at RM865.9 million, a 40.3% increase from RM617.37 million recorded previously.
It has proposed to declare an interim dividend of 1 sen per share.
For the first half of the year, the group’s net profit also jumped almost six times to RM470.33 million from RM80.24 million in the same period last year.
Meanwhile, its revenue increased 22.4% to RM1.44 billion from RM1.18 billion.
SDP acting group CEO Datuk Wan Hashimi AlBakri Wan Amin Jaffri commented that the group is seeing healthy demand for its products, especially landed homes at the right price points.
“There continues to be underlying demand for properties in strategic locations and this is well supported by the government’s Home Ownership Campaign,” he said in a press release today.
Commenting on the outlook ahead, the group said it is targeting to launch new properties from the affordable collection of below RM500,000 per unit and mid-range priced products from RM500,000 to RM800,000 per unit.
Wan Hashimi added that the group is committed to reducing its inventories, particularly the completed unsold products through active sales promotions.
source https://www.thesundaily.my/business/sime-darby-property-s-q2-net-profit-jumps-more-than-fourfold-IA1310930
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