Lagenda Properties' Q3 net profit surges to RM49.81 mil

TheEdge Fri, Nov 20, 2020 11:57pm - 3 years View Original


KUALA LUMPUR (Nov 20): Lagenda Properties Bhd’s net profit has surged to RM49.81 million in the third quarter ended Sept 30, 2020 (Q3 2020), from RM4.64 million in the same quarter last year.

Revenue surged by 824.25% to RM194.74 million from RM21.07 million previously, mainly due to the completion of several acquisitions on Aug 12, the company said in a filing with Bursa Malaysia today.

It said this included the purchase of entire equity interest in Blossom Eastland Sdn Bhd (BESB), Rantau Urusan (M) Sdn Bhd (RUSB) and Yik Wang Trading Sdn Bhd (YWTSB), totalling RM823.32 million.

“Following the acquisitions, revenue from BESB, RUSB and YWTSB contributed significantly to the company’s revenue for Q3, 2020,” it said.

It said as at Sept 30, the company’s existing projects has achieved total sales of RM550 million, with unbilled sales of RM480.4 million and remaining gross development value of RM1.87 billion.

On prospects, the company said it would continue to adapt with the challenging times ahead to ensure its long-term sustainability, despite the uncertainties caused by the Movement Control Order.

“The company will continue to expand its property development business in the affordable housing segment via acquisition of existing ongoing projects or potential land bank for development, or joint ventures with potential landowners out of Perak state,” it added.

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