KUALA LUMPUR: Damansara Realty Bhd achieved a second straight quarter in the black, swinging to a net profit of almost RM3 million for the nine months ended September 2017, against a net loss of RM14.5 million a year ago.
The integrated facilities management (IFM), project management consultancy (PMC) and property group saw a year-to-date pre-tax profit of RM5.6 million, against a pre-tax loss of RM12.5 million before.
This followed a 37 percent jump in revenue to RM182.3 million against RM133.1 million before.
Breaking a two-year streak of losses, this strong performance was attributed to the increased contribution from the IFM segment, which saw its revenue grow by RM35 million to RM158 million from RM123 million before, the company said.
Group chief executive officer Brian Iskandar Zulkarim said he is confident that it is on track for a full year of profit.
“Our turnaround programme is producing results faster than expected, with revenue growing and our margins increasing,” he said.
The turnaround has extended beyond the group’s operational performance, with DBhd recently reducing its net current liabilities by RM132 million, following its completion of a large portion of its settlement agreement for 53-acre land in Johor, he added.
Meanwhile, Brian said the IFM segment is expected to continue driving DBhd’s recovery, having secured over RM146 million in new contracts over the last 11 months, with the most recent contracts acquired by Metro Parking worth RM1.1 million at Dataran Maybank and Etiqa Buildings.