Dijaya Corp Bhd’s net profit for the fourth quarter ended Dec 31, 2010 rose almost nine-fold to RM36.2 million from RM4.1 million a year ago, mainly due to contributions from new property developments.
The new developments include Casa Tropicana Block E and Pool Villas at its Tropicana Indah Resort development. In addition, the company saw net gains from fair-value adjustments amounting to RM11.14 million arising from its investment securities.
The increase in profitability came despite relatively flat revenue of RM101.9 million for the quarter. Earnings per share (EPS) for the quarter rose to 7.96 sen from 1.53 sen in 4QFY09.
The company’s revenue for the year ending Dec 31, however, slipped 6.3% from the RM 311.78 million a year ago to RM292.24 million.
Net profit for the full year fell 11.3% from RM50.51 million to RM44.87 million, with EPS of 9.88 sen.
The decline is mainly due to the significant contributions from completed projects such as Casa Indah 1 and 2 being recognised in the previous year. Contributions for 2010 were lower as the company’s new projects were still at their early stages.
It achieved sales in excess of RM500 million last year and is planning further project launches this year in order to sustain its longer-term performance.
Its net assets per share stood at RM1.98.
It has 259.56 acres in Tropicana Golf and Country Resort, including a golf course, carried at RM118.27 million or RM10.46 psf. In the adjoining Tropicana Indah Resort Homes, Dijaya has 50.78 acres with a book value of RM11.24 million or just RM5.08 psf.
The new developments include Casa Tropicana Block E and Pool Villas at its Tropicana Indah Resort development. In addition, the company saw net gains from fair-value adjustments amounting to RM11.14 million arising from its investment securities.
The increase in profitability came despite relatively flat revenue of RM101.9 million for the quarter. Earnings per share (EPS) for the quarter rose to 7.96 sen from 1.53 sen in 4QFY09.
The company’s revenue for the year ending Dec 31, however, slipped 6.3% from the RM 311.78 million a year ago to RM292.24 million.
Net profit for the full year fell 11.3% from RM50.51 million to RM44.87 million, with EPS of 9.88 sen.
The decline is mainly due to the significant contributions from completed projects such as Casa Indah 1 and 2 being recognised in the previous year. Contributions for 2010 were lower as the company’s new projects were still at their early stages.
It achieved sales in excess of RM500 million last year and is planning further project launches this year in order to sustain its longer-term performance.
Its net assets per share stood at RM1.98.
It has 259.56 acres in Tropicana Golf and Country Resort, including a golf course, carried at RM118.27 million or RM10.46 psf. In the adjoining Tropicana Indah Resort Homes, Dijaya has 50.78 acres with a book value of RM11.24 million or just RM5.08 psf.
Dijaya has a strong, cash-rich balance sheet. As at Dec 31, 2010, the company had RM240.9 million in cash and RM46.73 million in investment securities, while its borrowings totalled RM210.83 million. That gave the company net cash and equivalents of RM76.8 million.
Dijaya has a pipeline of new projects that will support growth in the coming years.
Dijaya has a pipeline of new projects that will support growth in the coming years.
Apart from the ongoing Tropicana Grande and other planned launches in the Tropicana area, the land the company bought over the last few years in Kajang and Cheras should yield good margins. The land, which totals about 66 acres in Kajang and 28 acres in Cheras, is strategically located within or near established areas. It was acquired at relatively low prices of around RM16 to RM17 psf in late 2007 and early 2008 as it was then agricultural land, which Dijaya plans to later convert to residential status.
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