OSK Holdings’ 1Q net profit down to RM76.77 mln

KUALA LUMPUR: OSK Holdings Bhd’s net profit fell to RM76.77 million in the first quarter ended March 31, 2020 from RM91.35 million in the same quarter last year, as its businesses were affected by the Movement Control Order (MCO).

In a filing with Bursa Malaysia, the group said its revenue also went down three per cent to RM255.73 million from RM263.87 million previously.

“The MCO implemented since March 18 has resulted in minimal or no revenue generated from all segments for the period from March 18 to March 31,” it said.

OSK said its property, construction, industries and hospitality segments as well as investment holdings division recorded a lower performance except for the capital financing division.

The division registered revenue of RM23.97 million, rising 51 per cent from RM15.88 million in line with the growth in its financing portfolio.

On the prospect of the remaining year, the group said its property segment will continue to be supported by sales and progress billings from four on- going projects such as Ryan & Miho in Selangor with combined gross development value (GDV) of

RM1.95 billion.

“The division is targeting to launch two projects with a combined GDV of RM166.5 million in the current financial year,” it said.

As of March 31, 2020, the group has effective unbilled sales of RM1.53 billion and a land bank of 589 hectares with an estimated effective GDV of RM10.33 billion in Malaysia and Melbourne, Australia. — Bernama