KUALA LUMPUR, May 27 — Property developer Selangor Dredging Bhd (SDB) chalked up a pre-tax profit of RM96.52 million for the financial year ended March 31, 2015 from RM77.72 million it posted a year ago.

Revenue increased to RM401.33 million from RM377.28 million previously.

In a filing to Bursa, it attributed the improved financial results to better work progress over the 12-month period for Windows On The Park, By The Sea and Hijauan property projects as compared with the last financial year.

“The revaluation of the Group’s investment properties has resulted in a net surplus of RM24.26 million compared with RM14.10 million last year,” it said.

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The outlook for the coming year is expected to remain challenging in view of stringent bank loan guidelines and implementation of the Goods and Services Tax, it said.

“These factors will soften the demand in the Malaysian real estate property market for the remainder of this financial year as potential buyers and investors re-think their next purchase and investment,” said SDB.

However, with unbilled sales of about RM629 million, the group expects the next financial year to be satisfactory, it added. — Bernama

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