KUALA LUMPUR: Tambun Indah Land Bhd
’s net profit rose to RM30.3mil in the fourth quarter ended Dec 31, 2015 compared with RM25.9mil.
Penang property developer attributed the higher bottom-line to its enhanced margin from ongoing projects and RM6.7mil fair value gain on investments properties.
Revenue, however, was down at RM91.1mil from RM110.1mil in the previous corresponding quarter.
For the financial year ended Dec 31, 2015 (FY15), Tambun Indah posted a net relatively flat net profit of RM101.1mil compared with RM102.1mil a year ago.
Its revenue FY15 stood at RM367.7mil compared to RM466.8mil previously, due to fewer project launches in FY15.
“Tambun Indah believes that Mainland Penang continues to be popular with buyers, as demonstrated through its positive take-up rate of 81.7% across its ongoing projects of RM1.4bil. This has helped the group deliver sustained profitability despite FY15 being a challenging year for the property sector,” the company said in a statement.
Along with the gross development value (GDV) of RM221.8mil for its Rain Tree Park 2 launched in second half of 2015, Tambun Indah hopes to unveil new projects with GDV of approximately RM365mil in FY16.
“Tambun Indah is optimistic that its ongoing projects together with the new launches in FY16 would be sought after, as these would primarily consist of affordable properties. In addition to this, the group will continue to reap recurring rental income from GEMS International School, as well as the Pearl City Mall from mid-FY16 onwards,” it added.
Pearl City Mall, located within the flagship Pearl City project, is slated to be completed in first half of 2016.
The group has four new projects slated in the pipeline, namely Avenue Garden, Pearl Tropika, Pearl 28 and Pearl Saujana 1 in Pearl City, Simpang Ampat.
As at Dec 31, unbilled sales amounted to RM324.2mil, which would contribute positively to the group’s earnings for the next two to three years.
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