LBS Bina’s net profit soars to RM25.15m in Q1

KUALA LUMPUR, May 20 — LBS Bina Group Bhd’s net profit soared to RM25.15 million for the first quarter (Q1) ended March 31, 2021, from RM9.34 million posted in the same quarter last year.

Revenue also improved to RM402.55 million from RM299.27 million previously, driven by better revenue in the property development as well as construction and trading segments, it said in a filing with Bursa Malaysia today.

LBS Bina said projects within the Klang Valley remained as the largest revenue contributor, accounting for more than 85 per cent of the group’s revenue for the quarter under review.

“The group recorded a strong Q1 performance with good take-up rates and construction progress despite the prolonged Covid-19 pandemic,” the company said in a filing with Bursa Malaysia today.

On prospects, the group said it was cautiously optimistic for the current financial year in view of the Q1 achievement to-date, and the latest sales of RM421 million, bookings in the pipeline of RM453 million and unbilled sales of RM2.05 billion.

“It will continue to leverage on its strategic land bank to develop properties that align to the market demand. We have 19 on-going projects with gross development value of RM5.14 billion,” LBS Bina said. — Bernama

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