KUCHING: Matrix Concepts Holdings Bhd (Matrix Concepts) earnings for the third quarter of 2014 (3Q14) increased 25 per cent year-on-year (y-o-y) to RM45.1 million compared with RM36.2 million in 3Q13.
The company in a filing to Bursa Malaysia yesterday said its net profit for the nine months ended September 2014 (9M14) also grew 12 per cent y-o-y to RM126.1 million from RM112.2 million for 9M13.
Matrix Concepts also revealed that both its turnover for 3Q14 and 9M14 also posted growth of 17 per cent y-o-y to RM148.82 million and 3.9 per cent y-o-y to RM447.26 million respectively.
In its notes, Matrix Concepts said the higher turnover was attributed to better contribution from its residential and commercial development properties sales which commanded better profit margin compared with sales of land for the financial quarter ended September 30, 2013.
As for quarter-on-quarter (q-o-q), the group observed that its revenue declined by 9.1 per cent to RM148.8 million from RM163.7 million due to its development project namely Hijayu 3A, which has yet to reach a particular stage of completion whereby revenue can be recognised.
Nonetheless, Matrix Concepts said despite the lower q-o-q revenue, the group has managed to achieve a constant profit before tax (PBT) due to better profit margins contributed by the group’s recently launched development properties.
Going forward, Matrix Concepts said the group is focusing on the development of its township projects in Bandar Sri Sendayan in Seremban, Negeri Sembilan and Taman Seri Impian in Kluang, Johor.
The property developer noted that it has launched phase three of Hijayu 3A development project in Bandar Sri Sendayan and phase one of Impiana Heights in Taman Seri Impian.
Matrix Concepts added, “The group is planning to launch its Hijayu (Phase Four) development project in Bandar Sri Sendayan in the fourth quarter of the financial year ending December 31, 2014.
“In addition to the above, the group had launched its Matrix Global Schools, being its first component in September.
“Matrix Global Schools comprises of Matrix Private School, Matrix International Pre-School and Matrix Private School which is expected to open for registration in the first quarter of 2015.
“Boding well for the future of the group is the expected launch of its clubhouse in Bandar Sri Sendayan township known as d’Tempat Country Club targeted for December,” the company said.
Meanwhile, Matrix Concepts explained that d’Tempat Country Club which spreads over a 6.33 acre (2.56 hectare) piece of land houses various recreational facilities, commercial outlets, dining outlets and meeting facilities which are intended to cater for the conveniece of the residents within Bandar Sri Sendayan township as well as other residential enclaves in the vicinity.
Matrix Concepts believed that its profitability would be sustained through the launches of development projects as well as continuous sales of development projects.
“The launch of the Matrix Global Schools as well as the expected launch of the d’Tempat Country Club is expected to add to the appeal of the group’s Bandar Sri Sendayan township as well as various intangible factors which is expected to positively contribute to the group’s profitability,” Matrix Concepts noted.