For Immediate Release
LBS Q1FYE21 PAT SURGES BY 184.9%
- Revenue increased by 34.8% to RM402.6 million
- Property development arm recorded 37.0% revenue growth
- 19 on-going projects with gross development value of RM5.14 billion
Petaling Jaya, 20 May 2021 – LBS Bina Group Berhad (“LBS” or the “Group”) today announced its first quarter financial results ending 31 December 2021 (“Q1FYE21”). The Group recorded a revenue of RM402.6 million and profit after tax of RM32.9 million. This translated to a year-on-year increase of 34.8% and 184.9% respectively.
Despite a year disrupted by the Covid-19 pandemic, LBS’ property development segment marched on strong upon the relaxation of the movement control order, with positive take up rates and steady construction progress. The segment recorded a revenue and profit before tax (“PBT”) of RM390.4 million and RM54.6 million respectively. In comparison to Q1FYE20, the revenue and PBT were 37.0% and 86.3% higher.
Construction progress which picked up steady pace from the second half of 2020, recorded an increase in PBT from RM1.4 million to RM13.0 million in Q1FYE21.
LBS Executive Chairman, Tan Sri Dato’ Sri Lim Hock San was pleased with the results despite the trials brought upon by the pandemic. “It has not been an easy period for businesses but with immense efforts and careful strategic planning by the LBS team, the positive results are well-deserved. As vaccinations within the public increase, we are cautiously optimistic that we will be able to return to pre-pandemic normality soon. Nevertheless, we are steadily moving forward with our development projects, while continuously ensuring the health and safety of our staff and workers.”
“The future of the Group is promising. As of 31 March 2021, LBS has unbilled sales of RM2.1 billion and 19 on-going development projects with an estimated gross development value of RM5.14 billion. An increase in take up rates despite the pandemic is a positive indication that our developments projects are in strategic locations and priced affordably. We currently garnered RM421 million sales and bookings in the pipeline of RM453 million. It is indeed pleasing to note that our projects such as KITA @ Cybersouth, LBS SkyLake Residence, Residensi Bintang Bukit Jalil and Bandar Putera Indah are well received by homebuyers. We constantly look to strike a balance between bringing our development projects into fruition while ensuring a healthy cash flow within LBS. With a disciplined approach towards our cash management, we are optimistic that we will be able to develop more affordable properties to meet market demand,” he added.
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