"We welcome the early adoption of IC Interpretation 15 as it streamlines and simplifies revenue recognition," Executive Chairman Hamidon Abdullah said in a statement today.
IC Interpretation 15 dictates that revenue recognition from property development activities will be recognised only upon full completion of projects.
Hamidon said that in the company's development profile, its focus was more towards cashflow management, development cycle time and profitability margin.
"We are confident to maintain our dividend payment trend by capitalising on the company’s established profile and the market potential moving forward. Our shareholders will see a sustained dividend payout backed by sufficient cashflow and our strong financial position," he added.
Mutiara Goodyear recently announced a dividend payout of 3.5 sen for the financial year ended 2010, representing an increase of 14.0 per cent as compared to the preceding financial years.
Hamidon said the company's Prima Avenue at Dataran Prima would be due for completion by the fourth quarter of 2010 and would positively contribute to its cashflow in the 2011 financial year.
"We are also strongly encouraged by the overwhelming response for Nadayu Melawati phase one which already achieved 80 per cent take-up rate at soft launch stage.
"We also have a pipeline of launches over the next few years in the Klang Valley and Penang which will continue to provide us with a consistent cashflow stream," he added.
With a vast track record of 35 years in the industry, Mutiara Goodyear has vast experience with various types of commercial and residential developments such as condominiums, link-houses, semi-detached, bungalows, shop offices and townships.
Its notable projects include Subang Perdana new town, Bandar Tasek Mutiara township in Penang, Lagenda Mas in Cheras and Dataran Prima Condominium.
By Bernama
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