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11 August 2015

PETALING JAYA: Property developer Matrix Concepts Holdings Bhd reported a 29.7% drop in earnings to RM29.85mil in the second quarter ended June 30, 2015 compared with the same period last year.

Revenue dropped 26.4% from RM164mil last year to RM120mil during the quarter, due to lower revenue from the sales of industrial properties.

“The drop in revenue was due to the accelerated project completion of the group’s launched residential projects as well as substantial increase in revenue recognition from the group’s sale of industrial properties which commanded a higher margin in the immediate preceding financial quarter,” Matrix Concepts said in a filing with Bursa Malaysia yesterday.

It added that the decrease in profit before taxation during the quarter was in line with the decrease in revenue generated during the same period.

For the first half of 2015, Matrix Concepts recorded a surge in earnings of 79.4% to RM145.3mil on higher sales of industrial and residential properties. Group revenue rose 46.8% to RM438.1mil, from RM298.4mil previously.

“We are still on track to deliver a record year on the back of strong demand for our properties and sizeable unbilled sales, barring unforeseen circumstances,” chairman of Matrix Concepts Holdings Datuk Mohamad Haslah Mohamad Amin said.

Together with an earlier declared dividend of 3.6 sen per share, total dividends in respect of financial year 2015 amounted to 7.1 sen per share.

The group has a dividend policy of distributing at least 40% of net profit to shareholders. Its shares fell 9 sen to RM2.26 yesterday.