Property News

LBS posts flat 1Q net profit as revenue drops to lowest in nearly three years

KUALA LUMPUR (May 22): LBS Bina Group Bhd’s (KL:LBS) net profit rose by a marginal 0.11% to RM30.53 million in the first quarter ended March 31, 2024 (1QFY2024), from RM30.5 million a year earlier, helped by increased contribution from its property development business. Earnings per share increased to 1.49 sen from 1.48 sen.
Quarterly revenue, however, was down 11.11% to RM342.09 million from RM384.86 million in 1QFY2023 amid lower contributions from both the property development, construction and trading segments, according to the group’s bourse filing. 
The latest quarterly revenue is the group’s lowest since 3QFY2021, when it posted RM253.96 million. 
LBS Bina said the property development segment remained its largest revenue contributor, at 96% or RM327 million of the group’s total revenue. The segment’s profit after tax stood at RM42.62 million, up 19% from RM35.9 million a year before, driven by the group’s effort on cost optimisation. 
As at May 20, the group said it has achieved RM349 million in total property sales, on the back of RM453 million bookings poised for conversion. The Klang Valley region has been a significant contributor, representing over 92% of the group’s property sales.
As at April 30, the group had a future land bank spanning 2,672 acres. It was also supported by unbilled sales totalling RM1.64 billion.
LBS Bina’s shares price closed unchanged at 72 sen on Tuesday, giving the group a market capitalisation of RM1.14 billion. Year to date, the stock has risen 25%.
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Source: EdgeProp.my