KUALA LUMPUR (Aug 17): Teladan Setia Group Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) jumped 85.85% to RM14.24 million from RM7.66 million in the same quarter last year on higher revenue.

Quarterly revenue soared 86.61% to RM75.61 million from RM40.52 million, mainly due to better sales from Taman Desa Bertam Phases 2, 3A and 3B as well as Bali Residences.

The Melaka-based property developer declared a single-tier interim dividend of 0.6 sen per share, to be paid on Sept 19.

For the cumulative first half ended June 30, 2022, Teladan Setia's net profit grew 60.58% to RM23.71 million from RM14.77 million, as revenue increased by 64.29% to RM134.51 million from RM81.87 million.

On a quarter-on-quarter basis, Teladan Setia's net profit leapt 50.4% from RM9.5 million in 1QFY22, while revenue increased by 28.4% from RM58.9 million in the immediate preceding quarter.

Going forward, the group plans to launch four more projects with a gross development value of RM808.2 million by 2022, including the group's first project outside of Melaka — comprising two towers of serviced apartments — in Seri Kembangan.

"While the sentiment in the first half of the year has been largely positive, we are cognisant of the potential headwinds ahead. Bank Negara Malaysia has raised the overnight policy rate to 2.25% recently to contain inflationary pressure. This could impact demand as borrowing costs increase. However, our focus remains on introducing homes that are relevant to the demographics and thus possess price inelasticity," Teladan Setia's managing director Richard Teo Lay Ban commented.

Shares in Teladan Setia closed up four sen or 3.67% at RM1.13, giving it a market capitalisation of RM910.08 million.