LBS Bina posts higher quarterly net profit at Rm30.2mil

PETALING JAYA: LBS Bina Bhd’s net profit for its first quarter ended March 31, increased to Rm30.16mil from Rm25.15mil in the previous corresponding period, while revenue in the first quarter rose to Rm409.02mil from Rm402.55mil a year earlier.

In a filing with Bursa Malaysia, LBS Bina attributed the improved performance to higher revenue from all of its business divisions.

“The property development segment achieved higher revenue but lower pre-tax profit. The decrease in pre-tax profit was mainly due to the decrease in interest income and increase in operating expenses.

“Revenue and pre-tax profit were mainly derived from projects at Residensi Bintang Bukit Jalil, LBS Alam Perdana and KITA @ Cybersouth. Development projects within the Klang Valley remain the largest revenue contributor, accounting for more than 80% of the group’s revenue for the current financial period.”

LBS Bina said its construction and trading segment achieved revenue and pre-tax profit of Rm174mil and Rm11mil respectively, compared with revenue of Rm160mil and pre-tax profit of Rm13mil in the previous corresponding quarter.

“The increase in revenue was primarily contributed by in-house projects. Despite the increase in revenue, pre-tax profit was mainly affected by the rising cost of building materials.”

LBS Bina said its management and investment segment achieved a revenue and pretax loss of Rm19mil and Rm5mil respectively, compared with a revenue of Rm15mil and pre-tax loss of Rm8mil in the previous corresponding quarter.

“The improvement in pre-tax loss was mainly due to lesser foreign exchange loss arising from inter-company loans,” it said.

Additionally, LBS Bina said its motor racing circuit segment recorded revenue of Rm4mil and a pre-tax loss of Rm2mil during the quarter under review.

“The situation has improved mainly due to higher income from corporate day events and lower operating and maintenance costs,” it said.

LBS Bina also said the group’s hotel operations recorded revenue of Rm2mil and pre-tax loss of Rm1.5mil in the period under review.

“The improvement in revenue and pre-tax loss were mainly due to higher occupancy rate after the travel restrictions were lifted in October 2021 and supported by domestic tourism,” it said.