DRealty posts threefold jump in 1H earnings

KUALA LUMPUR: Damansara Realty Bhd’s net earnings for the second quarter ended June 30, 2019, came in at RM3.66mil, which was a significant improvement from a net loss of RM330,000 in the same quarter last year.

For the first six months of 2019, total net profit came to RM5.46mil, a threefold increase over RM1.41mil posted for the same period in 2018.

The improved earnings came despite a 3.7% year-on-year contraction in 1H revenue to RM140.2mil, owing to the sale of properties last year and the expiry of some integrated facilities management (IFM) contracts earlier this year.

However profit for the property and land development segment over the six months increased to RM3.41mil as compared to a loss of RM320,000 over the previous corresponding period due to contribution from a joint venture in Central Park, Johor Bahru.

Profit for the IFM segment grew 18% to RM6.08mil due to contributions from the parking operation in the Philippines and the project in RAPID, Pengerang.

According to group managing director Brian Islandar Zulkarim, Damansara Realty has secured RM80mil in new contracts in the first half of the year while its tender book stands at RM313mil with a 26% success rate.

“This has placed us on a path for sustained growth and position DBhd closer to our financial goals,” he added.

Recent announced projects include a joint development with Negeri Sembilan’s state investment arm with a gross development value of more than RM771mil.

The group was also awarded a RM62mil contract in July to develop and manage a parking facility in Manila’s Madrigal Business Park (MBP) through its Philippine’s subsidiary.

Source: The Star Online