Sime Property’s Q1 net profit jumps to RM265m

KUALA LUMPUR: Sime Darby Property Bhd’s net profit surged to RM265.08 in the first quarter (Q1) ended March 31, 2019 from RM33.67 million recorded in the same quarter last year.

Revenue jumped to RM575.13 million from RM559.50 million previously.

In a filing to Bursa Malaysia today, Sime Property said the improved performance was attributable from all three business segments, namely property development, property investment and  leisure and hospitality, as well as the disposal gain from Darby Park Executive Suites, Singapore of RM203.4 million.

Moving forward, the group said it was confident of achieving its sales target following the success of the Primetime 8 campaign, which saw an overwhelming take-up for new launches.

“The group will also be introducing the Raya 2019 campaign from May 15- June 30, which will continue to help the company maintain its momentum of high sales and take-up of products in the coming quarters.

“As at the Q1 2019, total unbilled sales stood at RM2.1 billion,” it said.

Source: NST