KUALA LUMPUR, Aug 28 — Sime Darby Property Bhd’s net profit for the second quarter ended June 30, 2019 (Q219), almost quadrupled to RM205.25 million as compared to RM46.57 million recorded in the same quarter last year.
Revenue rose to RM865.89 million from RM617.36 million previously, the group said in a filing to Bursa Malaysia today.
For the six months ended June 30, 2019, profit before tax and profit after tax and minority interests surged by 311.7 per cent and 486.2 per cent to RM480.9 million and RM470.3 million respectively, as compared to the corresponding period of the previous year.
The performance was boosted by higher contribution from the property development segment and one-off gains.
“The one-off gains were derived from disposal of properties in Singapore amounting to RM208.8 million, which was offset with an additional provision of RM28.5 million on disposal obligations in relation to a property disposed in financial year 2017.
“Other gains in the previous year comprised mainly the disposal gain on investment properties in the United Kingdom of RM9.4 million,” Sime Darby Property said.
Moving forward, the group said future prospects are underpinned by its continuous commitment to grow core profit, reduce inventories, and maintain its sales momentum.
“The company expects results for the financial year ending Dec 31, 2019 to be satisfactory,” it added. — Bernama
