LBS Bina profit jumps 25% in fourth quarter

KUALA LUMPUR: LBS Bina Group Bhd recorded a 24.6% year-on-year (y-o-y) increase in profit after tax and minority interest (PATAMI) to Rm18.4mil for the fourth quarter ended Dec 31, 2020.

Revenue for the quarter declined 5.3% to Rm275.5mil.

Despite a challenging year in 2020, the group exceeded its revised sales target of Rm1bil by 20%, having recorded total net sales of Rm1.2bil.

“Last year was a year the global pandemic concocted a bleak and unprecedented situation for the business communities, impacting the respective financial performances where LBS was no exception,” it said in a statement.

For FY20, the group registered a lower revenue and PATAMI of Rm1.1bil and Rm50.6mil, respectively. Nonetheless, the revenue is almost at par with its pandemic-free financial year 2018 revenue.

LBS’ property development segment, which is its core business, contributed 94% of the group’s revenue. The second largest contributor was the construction and trading business, which accounted for 3% of the revenue.

As of Dec 31, 2020, LBS has unbilled sales of Rm2.2bil, which will contribute positively to the group’s revenue over the next two to three years. It currently has 19 ongoing projects with an estimated gross development value of Rm5bil.