LBS REPORTS 60% IMPROVEMENT IN 2Q REVENUE
Confident of continued good performance with 20 ongoing projects
Petaling Jaya, August 25, 2011 – LBS Bina Group Berhad (“LBS” or “the Group”) is pleased to announce its unaudited results for the second financial quarter ended 30 June 2011:
| | Year to date ended 30 June 2011 | Year to date ended 30 June 2010 |
| Total Revenue Profit/Loss Before Tax Profit After Tax Earnings per Share-Basic (Sen) | RM177 million RM29 million RM22 million 5.06 | RM111 million (RM3 million) RM1million 0.30 |
Review of Group performance
For the first half year of 2011, the Group achieved strong revenue and profit before tax (PBT) of approximately RM177 million and RM29 million respectively. This represents 60% improvement for revenue and 1129% improvement for PBT over the corresponding period in the previous year.
For the current quarter under review, the Group recorded revenue and PBT of approximately RM101 million and RM15 million respectively. This represents an improvement of 42% and 435% in revenue and PBT respectively over the same quarter last year.
The Group’s revenue and profit were principally derived from its ongoing projects such as, D’Island Residence in Puchong, Iris Garden II, Topaz III, Ivory Residences I & II, Magenta Homes, Indigo Homes, Camelia Cottage, Lavender II in Bandar Saujana Putra (BSP) as well as other commercial and industrial projects such as Taman Perindustrian Tasik Perdana in Puchong and Saujana Business Park in BSP.
Material changes in the quarterly results compared to the results of the immediate preceding quarter
The Group’s current quarter PBT is RM14.7 million as compared to RM14.8 million in the immediate preceding quarter.
Prospects for the current financial year
The Board is pleased to report that as at August 24, 2011, the Group has already achieved sales of approximately RM423 million, which was the amount of its total sales for year 2010.
With the Group’s 20 ongoing projects and unbilled sales of approximately RM591 million as 31 July 2011, the Group is confident of achieving further improvement in its performance for the financial year ending 31 December 2011.
The full announcement is available at www.bursamalaysia.com.
For more information about LBS visit www.lbs.com.my or call 03-7877 7333.
About LBS Bina Group Berhad (LBS)
LBS began with one man’s vision in the 1980s – founded as a construction business by Dato’ Seri Lim Bock Seng. After a decade of rapid growth, LBS ventured into the property development sector in 1992 where it started its first project of Jelapang Maju Light Industrial Park in Jelapang, Ipoh. Within a few years, its stable of projects established LBS as a reputable developer and a dominant player in Malaysia’s property sector.
More recently, the Group re-strategized its business model, launching a brand new image, identity and direction as part of its long term objective to be an internationally recognised developer, building and inspiring lifestyle spaces that enhance community living.
As part of this new direction, the Group has extended its portfolio of quality homes to the high-end market and has embarked on a progressive journey of change, which includes the areas of product, customer experience, after-sales services, sustainability, green technology and design.