KUALA LUMPUR, Feb 13 — Damansara Realty Bhd recorded a net profit of RM17.8 million for its financial year ended Dec 31, 2017 following three years of losses including RM27.8 million in the previous year.
The property group attributed the improved performance to the successful implementation of a turnaround plan introduced in November 2016.
Damansara Realty chief executive officer Brian Iskandar Zulkarim said the transformation plan was both effective and delivering results ahead of schedule.
“We have broken a three-year streak of losses from the second quarter onwards in 2017, by securing more higher-value contracts and increasing revenue through synergised offerings from our subsidiaries.
“We believe we are on track for sustained profitability,” he said at the media briefing today.
The revenue from its three main segments — integrated facilities management, property and land development, and project management consultancy — rose by 36 per cent from the previous financial year to RM249.4 million.
Results from the group's transformation programme were also reflected in its net current assets of RM1.53 million, versus RM154.65 million of net current liabilities previously, following the finalisation of an agreement with Johor Corporation (JCorp) for a 53-acre plot in Johor.