Titijaya said the increase in net profit was mainly attributed to the group's completed projects during the financial year, namely 3Elements, Seri Alam Phase 1 & II, Zone Innovation Park and progressive recognition from project H2O.
Revenue surged 24 times to RM67.24 million from RM2.78 million, thanks mainly to the en-bloc sale of 262 retail lots in Terra Square, a commercial mall fronting its Impression Melaka theatre.
The centre will adopt the structure and technology of IKEA’s biggest regional distribution centre in Germany and will be one of the company’s largest regional distribution centres globally.
The revenue fall was due to the property development division’s weaker contribution as it had not launched any new projects because of weak sentiments.
Mah Sing has reported an asset turnover ratio of 49% on average for the past five years.
The award is evaluated based on the company's compound profit before tax growth for a period of three years, whereby S P Setia did not pose any losses throughout the period.
Hong Leong said S P Setia sold RM2.1 billion worth of properties during the first half ended June 30, 2017 (1HFY17).
Changes in design, inflation, fluctuation in exchange rate also play a role — S P Setia
The appointment is with immediate effect, according to Sunway's announcement on Bursa Malaysia today.
This follows the completion of the takeover offer undertaken by the joint offerors — Singapore-listed Wing Tai Holdings Ltd and its wholly-owned unit Wing Tai Investment & Development Pte Ltd.
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