Quarterly Report For The Financial Period Ended 31 March 2025
Financials Archive
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Condensed Consolidated Statement Of Profit Or Loss And Other Comprehensive Income For The Financial Period Ended 31 March 2025 (Unaudited)(1)
Condensed Consolidated Statement Of Financial Position As At 31 March 2025 (Unaudited)(1)
Review of Group Performance
Performance of the third quarter against the same quarter in the preceding year (Q3 FY2025 vs Q3 FY2024)
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Property Development
The Group's recorded revenue of RM33.4 million for the current quarter which is significant decreased by 45% or RM26.8 million as compared to the revenue of RM60.3 million registered in the previous year's corresponding quarter mainly due to completed projects approximately more than 95% sold out in overall and new project development at initial stage and it is mainly attributable by the sales of completion properties namely The Riv @ KL Sentral and Park Residensi @ Cheras and on-going projects namely The Shore @ Kota Kinabalu. Revenue in current quarter mainly attributable by the on-going projects namely Seiring @ Bukit Subang, The Ria @ KL Sentral and Zone Innovation Park 2 @ Klang. In tandem with the lower revenue generated from respective projects, this has resulted in a lower profit before tax compared to the preceding quarter.
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Hospitality & Other Operations
Revenue was primarily generated by both the hotel at Citadines Waterfront @ Kota Kinabalu and commencement of the lease for the logistics facility at Bayan Lepas Waterfront, Pulau Pinang. The hotel began its operations in February 2024 whereas the lease commenced on during the quarter and have been generating revenue since then, resulting in a significant increase in revenue during the quarter. In tandem with the revenue generated during the quarter, profit before tax was generated after deduction of operating expenses, staff payroll, and staff-related costs.
Prospects and progress on previously announced financial estimate
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Prospects
The operating environment is expected to remain uncertain, shaped by ongoing global economic headwinds, including softening demand, persistent inflationary pressures, tightening monetary policies, and evolving geopolitical dynamics. In light of these challenges, the Group will continue to exercise prudence in its decisionmaking, maintaining a cautious stance across its business segments. In response to this volatile landscape, the Group continues to pursue strategic opportunities aligned with its growth objectives, supported by a sound and resilient financial position. This includes exploring new markets, partnerships, and innovation-led initiatives that could support future expansion and value creation.
As of 31 March 2025, the Group's initial on-going projects, with a total Gross Development Value of approximately RM1.1 billion which should contribute positively to the Group's earnings over the next two to three years.
The Group anticipates that its hotel in Kota Kinabalu, Sabah, will be fully operational by the final quarter of the financial year. This asset is expected to contribute positively to the Group's overall performance, supported by a commendable occupancy rate. In addition, the completion and commencement of the lease for the logistics facility at Bayan Lepas Waterfront, Pulau Pinang, during the financial year marks a significant milestone. This facility is projected to generate stable and recurring rental income over the years, enhancing the Group's revenue visibility and strengthening its asset portfolio.
In the final quarter of the financial year, the Group will launch the 264 Seiring @ Bukit Subang, affordable apartment project. This initiative promoting sustainable development of affordable housing and echo government's effort in supporting homeownership.
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Progress and steps to achieve financial estimate, forecast, projection and internal targets
There was no financial estimate previously announced by the Group.