PETALING JAYA: Negri Sembilan-based property developer Matrix Concepts Holdings Bhd’s net profit for the second quarter ended June 30, 2015 (2Q15) declined 29.7% to RM29.85 million, compared to RM42.45 million in the previous corresponding quarter.
Revenue for the same quarter also fell 26.4% to RM120.4 million, from RM163.74 million in the previous year, due to decreased revenue recognition, as 1Q15 saw acceleration in project progress and completion of industrial property sales pre-GST (Goods and Services Tax).
Matrix Concept saw its net profit for the first half ended June 30, 2015 (1H15) rose 79.4% to RM145.3 million, from RM81 million in the previous year, on higher sales of industrial and residential properties.
Revenue for the same period also increased 46.8% to RM438.05 million, compared with RM298.4 million previously.
“Matrix Concepts’ focus in developing affordably-priced homes accords us the agility to weather the potential slowdown and overall dampened sentiment in the property sector,” its chairman Datuk Mohamad Haslah Mohamad Amin said in a statement yesterday.
Mohamad Haslah said its recent launch of Hijayu 3B project in end-May 2015, comprising 333 units of double-storey terrace homes, saw approximately a 40% take-up response within a short span of one month.
“This indicates our success in catering to the demand for affordable homes in Negri Sembilan and Greater Klang Valley,” he added.
Of total 1H15 group revenue, its sales of residential and commercial properties contributed RM337.6 million, compared with RM227.4 million previously; while sales of industrial properties and land stood at RM95.0 million, up from RM71.0 million earlier.
Meanwhile, the group’s investment properties, comprising Marix Global Schools and d’Tempat Country Club, contributed the balance RM5.5 million of its 1H15 revenue.
“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,” Mohamad Haslah said.
As of June 30, 2015, the group’s total unbilled sales from ongoing projects amounted to RM540 million, which is expected to be recognised until 2018.
The group declared a second interim single tier dividend of 3.5 sen per share in respect of the financial year ending Dec 31, 2015 (FY2015), translating into a payout of about RM18.9 million.