KUALA LUMPUR (Nov 30): Bina Puri Holdings Bhd posted a net profit of RM782,000 for the third quarter ended Sept 30, 2018, up 165.08% compared with RM295,000 a year ago.

Quarterly revenue fell 7.37% to RM199.86 million from RM215.76 million previously, said the construction and property development group said in a stock exchange filing.

Cumulative nine-month net profit was up 61.03% to RM1.79 million from RM1.11 million despite a 32.56% fall in revenue to RM526.85 million from RM781.20 million.

Bina Puri attributed the lower revenue to reduced volume of construction work.

The higher net profit, meanwhile, was attributed to better sales performance from its development properties for The Opus at Jalan Tallala, Kuala Lumpur, Jesselton View and One Jesselton projects in Kota Kinabalu, and The Valley in Karak, Pahang.

The group said its construction segment suffered losses due to a reduction in construction work volume.

The property division enjoyed profits due to better sales performance from its development properties for The Opus at Jalan Tallala in Kuala Lumpur, Jesselton View and One Jesselton projects in Kota Kinabalu, and The Valley, Karak, Bentong in Pahang.

The group’s quarry and ready mix concrete division also recorded profits, while its power supply division recorded a narrower loss in the third quarter.

Bina Puri said it will continue to focus on and develop its major business segments, namely construction and property development.

It said the construction segment’s current contract works in progress included a package of Pan Borneo Highway in Sarawak,  as well as the construction of the Malaysian Embassy in Moscow, Russia combined with other projects amounting to RM900 million, and is expected to provide a consistent stream of revenue over the next 2 to 3 years.

The group said its recently-launched The Lakehill development in Johor has been accepting sales since the second quarter, and that other development projects in the Klang Valley, Johor Bahru, Pahang and East Malaysia would have a projected gross development value of RM2.7 billion.

The group recently announced that it would be taking a 54.05% stake in property group Ideal Heights Properties Sdn Bhd (IHP), making IHP a subsidiary of the group for RM42.68 million.

The group’s power subsidiary, BP Energy Sdn Bhd, is still in talks to finalise its power purchase agreement.