By Jason NG
KUALA LUMPUR (Feb 13) — Malaysian property developer Damansara Realty said Tuesday it returned to profit in the fourth quarter following a restructuring program that includes integrating its non-property operations.
Net profit for the three months ended Dec. 31 was 14.73 million ringgit ($3.75 million) compared to net loss of 12.59 million ringgit over the same period last year, Damansara Realty said in an exchange filing. Quarterly revenue surged 34% on-year to 67.25 million ringgit from 50.09 million ringgit.
“We are focused on accelerating property projects that can improve the Group’s margins, cash flow and bottom line performance,” the company said, noting “four main catalyst projects” that includes the Central Park and Aliff Square developments.
Damansara Realty will also continue to expand integrated facility management segment’ capabilities with “minimal capital expenditure,” it added.
– By Jason NG; Jason.Ng@NikkeiNewsRise.com; +60320267363
– Edited by Abhijit Basu
– Send Feedback to feedback@NikkeiNewsRise.com
– Copyright (c) 2018 Nikkei NewsRise Asia Pte Ltd.