Matrix Concepts 3Q net profit slips to RM48.6 million

KUALA LUMPUR: Matrix Concepts Holdings Bhd’s net profit declined to RM48.61 million in the third quarter ended Dec 31, 2018 ( Q3 2018), from RM70.56 million in the same period a year ago.

The company said the lower earnings were due to its product mix comprising more affordably- priced residential properties compared with a mix with signi f icant contribution from industrial properties in Q3 2017, which fetched better margins.

Revenue increased to RM285.65 mil lion against RM266.17 million year- onyear, on the back of higher revenue recognition from the sales of residential and commercial development properties.

As at Dec 31, 2018, Matrix Conc ept s ha s a tot a l undeveloped landbank of about 534.19 hectares.

“Backed by higher amount of new launches and healthy sales performance, the group’s unbi l led sales stood at a commendable level of RM1.4 billion compared with RM1.1 billion a year ago and RM1.4 billion as at the end of the preceding quarter,” it said in a filing to Bursa Malaysia yesterday.

Matrix Concepts’ focal point remains on further enhancing its township developments, namely Bandar Sri Sendayan in Seremban, Negeri Sembilan and Bandar Seri Impian in Kluang, Johor, while also engaging in other development projects in the vicinity of Seremban.

The company has also expanded to Kuala Lumpur ( KL) as well as Australia, effectively diversifying its geographical reach to capture various growth opportunities. — Bernama