LBS Bina’s earnings up 26%
PETALING JAYA: LBS Bina Group Bhd said “impressive” take-up rates at the group’s ongoing property projects lifted its net profit by more than a quarter for the three months ended Sept 30, even as some of its bigger rivals reported sluggish sales.
Earnings during the quarter rose 26% to RM25.9mil compared with RM20.5mil a year ago. Revenue climbed to RM351mil from RM245mil previously, the company said in a filing with Bursa Malaysia yesterday.
The group said its growth prospects were backed by the total property sales of RM1.33bil and total unbilled sales of RM1.62bil achieved as at end-September.
It has 22 ongoing projects and a total land bank of 3,856 acres. Property development accounted for 90% of the group’s revenue. Projects within the Klang Valley were the largest contributor, accounting for more than two-thirds for the nine-month period.