Bina Darulaman expects to record respectable performance in FY15

Kuala Lumpur: Bina Darulaman Bhd, Kedah's only public listed government-linked company, expects its core businesses to record a respectable performance for the financial year ending Dec 31, 2015 as it has sufficient land bank and projects in hand to provide sustainable revenue.

"Our Property Division should be able to maintain its contribution, given encouraging responses for its product launches in Bandar Darulaman and Darulaman Utama," said its Group Managing Director, Datuk Izham Yusoff in a statement Sunday.

He said the division had re-launched new property schemes, with new concepts coupled with a re-branding exercise, in Darulaman Perdana in Sungai Petani, while new products in other township would also be launched according to schedule.

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Barring sharp increase oil and commodity prices, skilled labour shortage, a further hike in interest rates, further tightening of access to mortgage loans and other negative economic and political situations, the Group expects to repeat a commendable performance in 2015, he added.

The Group is principally involved in the core businesses of engineering & quarrying; township & property development; and tourism & hospitality.

The Group posted a 15.5 per cent increase in pre-tax profit for the financial year ended Dec 31, 2014 to RM33.9 million from RM29.3 million in the same period 2013.

Its revenue rose 17 per cent to RM328.9 million from RM281.0 million.

For the fourth quarter, Bina Darulaman posted a 140 per cent jump in its pre-tax profit to RM10.9 million on the back of a 52.3 per cent surge in the Group's revenue to RM139.9 million.

Izham attributed the sterling performance to higher contribution from the Group's Property Division upon recognition of en-bloc sale of 323 units of residential properties at Darulaman Utama as well as sale of land under joint development arrangement.

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"This is the best quarterly results for the Group in terms of revenue and pre-tax profit ever since its listing in Bursa Malaysia in February 1996," he said.

For the quarter under review, its Property Division contributed RM88.7 million to Group revenue against RM28.7 million previously. – Bernama

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