PETALING JAYA: LBS Bina Group Bhd’s net profit for the third quarter ended Sept 30, 2019 dropped 12.7% to RM21.06 million from RM24.14 million a year ago, due mainly to higher finance costs and operating expenses.
Revenue fell 5% to RM388.16 million from RM410.26 million in the previous year’s corresponding quarter.
During the quarter, a single-tier first and final dividend of 1.8 sen per share in respect of the financial year ended Dec 31, 2018 was paid on Sept 27, 2019.
In respect of FY19, the company declared dividend of 6.6 sen per RCPS on Nov 6, 2019. The entitlement date and the payment date are Nov 21, 2019 and Dec 10, 2019 respectively.
For the nine-month period, the group’s net profit was 22.4% lower at RM52.77 million from RM68.00 million, while revenue rose 8% to RM1.03 billion from RM955.13 million.
In its exchange filing, LBS noted that segmentally, its property development, motor racing circuit and management, investment and others recorded positive revenue contributions for the nine months.
LBS said property development remains as the key driver of its business operations, accounting for more than 85% of the group’s total revenue for the current financial period.
“Whilst the prospects for the property industry remains challenging due to global and regional headwinds, the group’s prospects moving forward remain positive with total property sales of RM1.5 billion and total unbilled sales of RM1.84 billion, which are well supported by 18 ongoing projects and a total land bank of 4,000 acres in Malaysia,” LBS said.
