LBS Bina banking on new project launches this year

KUALA LUMPUR: Property developer LBS Bina Group Bhd is banking on new project launches and a large land bank to record better financial results in the fiscal year ending December 31 2012.

As at April 29 this year, LBS clocked in property sales of RM357.6 million, and as at end-March, it roped in an unbilled sales of RM693 million.

LBS managing director Datuk Lim Hock San said with a strong outlook this year, the group will be launching 14 projects, comprising 2,812 units with a gross development value (GDV) of RM1.69 billion, together with some 22 ongoing projects with a GDV of RM1.81 billion.

These include projects in D' Island Residence, Bandar Saujana Putra, Taman Golden Hills in Cameron Highlands and Bandar Putera Indah in Batu Pahat Johor.

"With a land bank of some 920ha worth an estimated GDV of RM9.3 billion, the group is confident of achieving further improvement in its performance for the financial year ending December 31 2012," he said in a statement.

LBS reported a post-tax profit of RM38 million on the back of RM449 million revenue for the financial year ended December 31 2011.

These represent a 46 per cent and 32 per cent increase in post-tax profit and revenue respectively, recorded in the preceding year.

The company attributed the improved performance to progressive recognition of revenue and profit contribution from its ongoing projects with good take up rates, such as D' Island Residence and The Lake Residence in Puchong; Topaz III & IV, Ivory Residences I and II, Indigo Homes, Magenta Homes and 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.

LBS board of directors has recommended a first and final dividend of 2.5 sen per share, amounting to RM9.6 million. The proposed dividend is subject to shareholders' approval at the upcoming meeting.

"Our previous crisis brought us back to our roots, prompting us to revisit our values and reset our goals.

"We have committed ourselves to strive for growth in knowledge, capability, performance, value and responsibility.

"The rebranding we conducted last year was essential to the group's transformation and we will continue undertaking a series of progressive changes to achieve our long-term goal of being a formidable international player," Lim said.

By Business Times