It saw revenue fall 15 per cent to RM63.36 million in 2007, while pre-tax profit dipped 63 per cent to RM8.27 million.
JLand chairman Tan Sri Muhammad Ali Hashim attributed the lower financial performance last year to delays in the company's development projects due to the escalating cost of building materials triggered by the rising oil price.
Muhammad: JLand expects better revenue this year
"The rescheduling of our development projects caused by the delays last year have put us in a better position to restrategise our business moves this year as the construction of the launched projects is now in progress," he told reporters after the company's annual general meeting in Johor Baru yesterday.
"Construction work on 1,200 units of semi-detached and terrace houses and commercial lots at Bandar Datuk Onn, which spans 612ha of freehold land, is now under way. We have also seen 30 per cent sales so far and a growing interest among housebuyers," he said.
Muhammad said the township, offering 17,800 properties, will rake in a gross profit of RM1.2 billion for JLand when completed within the next 10 to 15 years.
It will have some 90,000 residents, adding that JLand's parent company, Johor Corp Sdn Bhd (JCorp), will also move its headquarters from the Kota Raya Complex in Johor Baru city centre to Bandar Datuk Onn by mid- 2009.
Muhammad said JLand's landbank in Iskandar Malaysia will be developed over the next 10 to 15 years and has a gross development value of more than RM7 billion.
Meanwhile, JLand's acquisition of 50.98 per cent equity in Windsor Trade Holdings is expected to help the company further broaden its current revenue, profit and customer base.
"The acquisition, to be completed by the second quarter of this year, will position us to tap into the existing growth potential of logistics and barter trade activities within the fast-growing Sabah Development Corridor," said Muhammad.
By New Straits Times (by R.Sittamparam)
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