KUALA LUMPUR: Titijaya Land Bhd's second quarter profits ended December 2017 remained flat at RM19.50 million compared with RM20.4 million a year ago.
Its second quarter revenue jumped 78 per cent to RM143.51 million from RM80.65 million before, mainly contributed by project progress and proceeds from temporary land occupation.
For the six months to December 2017, Titijaya posted RM40.57 million net profits on the back of RM246.57 million revenue.
In a recent statement, group managing director Tan Sri Lim Soon Peng said the group’s long-term growth prospect remains positive based on a strong competitive position and solid demand for the type of residential properties the group has offered.
He noted Titijaya Land's favourable revenue is attributed to payment for work done on project H2O and Primrose, as well as the sales of inventory.
As at December 2017, Titijaya's net gearing has dropped from 0.34 times to 0.18 times.
“Going forward, the group will scout for more joint-venture or land swap project opportunities with reputable government agencies.
"We are looking to replicate similar collaboration with our synergistic partners such as Tokyu Land Corp,” Lim said.
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