Higher CPO prices cushion JKG Land profit in Q2

TheStar Wed, Sep 23, 2020 06:39pm - 7 months ago

KUALA LUMPUR: JKG Land Bhd posted a lower revenue in three months ended July 31 on slower work progress at its property development sites and a decline in fresh fruit bunches (FFB) production at its plantations.

But higher commodity prices during the quarter boosted its margins.

The company reported a net profit of RM5.74mil in the second quarter compared with RM5.76mil made in the same quarter last year.

Revenue fell 15% to RM47.5mil, the company said in a filing with Bursa Malaysia today.

"The property development sector will face more challenges in the subsequent periods of FY 2021," it said.

JKG Land said the favourable monetary policy, the reintroduction of the Home Ownership Campaign and other various incentives are expected to benefit the property sector.

"The Group will focus on market driven products whilst continuing to unlock the value of its land bank at strategic locations in the Klang Valley and Northern Regions," it said.

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