Damansara Realty Berhad (DBhd) announced its fourth quarter of profit, with a net profit of RM1.9 million for its first quarter ended March 31, driven by the better performance of its Integrated Facilities Management (IFM) and Property and Land Development (PLD) segments.

The Group’s first quarter revenue jumped by 40.3 per cent to RM71.2 million, from RM50.8 million in the same corresponding quarter before, DBhd said in an announcement to Bursa Malaysia.

Revenue at DBhd’s PLD arm grew more than 33 times to RM6.8 million compared to RM206,000 previously, mainly due to sales from its Damansara Hills 1 development in Kuantan, Pahang and Aliff Square 2 in Tampoi, Johor.

The IFM segment saw a 31.4 per cent increase in revenue to RM63.2 million from RM48.1 million before, with contributions from its contracts to manage facilities at RAPID Pengerang in Johor as well as new contracts secured since July 2017 such as parking management for Dataran Maybank and Etiqa buildings in Bangsar, Kuala Lumpur and several MRT stations.

“We are definitely on track for sustained profitability as our transformation plans have proven effective,” 

 “We are now in a stronger position for growth, having broken a three-year streak of losses from the second quarter of 2017 by increasing revenue through synergised offerings from our subsidiaries,”  said DBhd group chief executive officer, Brian Iskandar Zulkarim.

DBhd swung back to the black for the year ended 31 December 2017, posting RM17.8 million net profit against a net loss of RM27.8 million in 2016, as a result of the strategic restructuring plan implemented in 2016.

The Group’s Project Management and Consultancy (PMC) segment saw its net profit increase to RM270,000 for the quarter, from RM2,000 before.

Twitter