Damansara Realty’s Q3 profit doubles to RM3.85m

PETALING JAYA: Damansara Realty Bhd’s net profit for the third quarter ended Sept 30, 2019 doubled to RM3.85 million from RM1.87 million a year ago, helped by foreign currency translation differences for foreign operations.

However, its revenue dropped 13.7% to RM65.89 million compared with RM76.34 million in the corresponding quarter last year.

For the nine-month period, its net profit more than doubled to RM9.31 million versus RM3.28 million, mainly due to the contribution from property and land development (PLD) segment driven by its joint venture development in Central Park, Johor Baru with Country Garden Management Sdn Bhd.

Its revenue decreased 7.1% to RM206.11 million from RM221.81 million.

The group said its main objective during this five-year phase is to focus on tech-based solutions and innovation in its services to increase productivity, improve operational efficiencies and optimise resources.

“We foresee the integrated facilities management (IFM) segment to predominantly generate larger growth opportunities for the group, countering the effects of the softer property market. Through our expansion of tech-based solutions, we are also looking at ways to address rising manpower and maintenance costs in view of the fourth industrial revolution by advancement in automation to improve our operational efficiency and reduce dependency on labour intensive work approach.”

Damansara Realty has secured new IFM contracts worth RM133.91 million as at November 2019 from its tender book value of nearly RM500 million.

At the noon break, its share price gained 1.5 sen to 52 sen on 1.9 million shares done.

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