KUALA LUMPUR: Property developer Matrix Concepts Holdings Bhd (MCH) revenue for the first quarter (1Q) financial year ended 30 June 2020 (FY21) stood at RM162.0 million compared to RM248.5 million a year ago, while net profit to shareholders was at RM31.1 million versus RM54.5 million previously.
This was attributed mainly to lower contribution from the group's property development segment and investment properties due to the halt in operations imposed under movement control order (MCO) by the government since 18 March 2020.
Of total 1Q FY21 revenue, contribution from residential properties decreased 33.2 per cent to RM139.5 million, while commercial properties reduced 90.5 per cent to RM2.8 million.
Revenue from industrial properties amounted to RM13.0 million, while contribution from investment properties was 32.3 per cent lower at RM6.7 million.
MCH chairman Datuk Mohamad Haslah Mohamad Amin said as the world grapples with the new realities imposed by the Covid-19 pandemic, the company has determined to strive in these unprecedented times.
"In 1Q21, we faced a challenging situation due to movement restrictions imposed on the public, in addition to a halt in our construction activity for almost two months due to the MCO.
"Despite that, we stepped up our sales and marketing activities to target more opportunities, supported by our online sales and marketing platforms which we invested in over the past two years to ensure smooth operations and provide greater convenience to our customers," he said in a statement today.
MCH recorded 9.3 per cent higher new property sales worth RM350.3 million in FY21 from RM320.4 million in the previous year, despite the highly challenging market conditions due to the MCO period.
The commendable sales performance was underpinned by strong demand of its development properties in Sendayan Developments, Seremban, and Bandar Seri Impian, Johor.
This was achieved on the back of greater customer engagement despite the public movement restrictions, enabled by the group's online sales and marketing platforms.
Further, the achievement also helped cushion the inactivity in group's construction, hospitality, education, and healthcare divisions from April to May 2020.
1Q 21 ongoing gross development value (GDV) increased 5.5 per cent to RM2.7 billion as at 30 June 2020 from RM2.5 billion as at the financial year ended 31 March 2020 (FY2020).
Unbilled sales rose to RM1.18 billion as at 30 June 2020 compared to RM1.02 billion as at end-FY2020, to sustain earnings recognition for the next 15 months.
MCH has also launched new projects worth RM258.5 million in GDV in 1Q21, and is on track to achieve its launch target of RM1.0 billion GDV in FY21.
The Group launched the Clover @ Resorts Residence and Floria @ Tiara Sendayan projects, comprising double-storey terrace houses in its flagship Sendayan Developments in Seremban.
Notably, Floria @ Tiara Sendayan, featuring 246 homes with prices starting from RM498,888, achieved near 100 per cent take up within one month of its launch.
The group declared a first interim single-tier dividend of 2.0 sen per share in respect of FY21, amounting to a payout of RM16.7 million or 53.7 per cent of 1Q21 net profit.