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KUALA LUMPUR (Aug 24): Daiman Development Bhd's net profit for the fourth quarter ended June 30, 2016 (4QFY16) fell 56.36% to RM5.86 million or 2.78 sen per share from RM13.43 million or 6.38 sen per share last year.
However, revenue expanded 54.06% to RM39.72 million in 4QFY16 compared to RM25.78million a year ago, Daiman said in a bourse filing today.
The board recommended a first and final single tier dividend of five sen per share on Aug 23 for the financial year ended June 30, 2016 (FY16). The dividend, subject to shareholders' approval, will be paid on Dec 30, 2016.
For FY16, Daiman's net profit slipped 27.15% to RM18.92 million or 8.99 sen per share versus RM25.98 million or 12.34 sen per share in FY15, while revenue fell 15.3% to RM156.83 million from RM185.22 million in a year ago.
"The lower group's profit before tax was mainly due to lower property development profit, lower property investment profit and lower trading profit, but partially offset by lower loss from hospitality division," it said.
Daiman added that barring any unforeseen circumstances, it is cautiously optimistic about its financial results for FY17 despite the challenging business environment.
At 3pm, the counter slipped three sen or 1.4% to RM2.12 with 5,000 shares done for a market capitalisation of RM446.4 million. — theedgemarkets.com
