Avaland's net profit surges to RM17.23mil in 3Q

KUALA LUMPUR: Avaland Bhd posted a jump in net profit to RM17.23mil in the third quarter ended Sept 30, 2023, from a net profit of RM6.17mil in the same quarter last year.

The group's basic earnings per share rose to 1.18 sen from 0.42 sen.

Revenue nearly tripled to RM156.18mil during the quarter from RM56.26mil previously.

According to the property developer, the improved performance came on the back of the strong sales and healthy construction progress from the Group’s ongoing projects, namely Aetas Damansara, Alira Subang Jaya, Sanderling and Casa Embun.

For the nine months period to Sept 30, 2023, Avaland swung back to a net profit of RM28.48mil from a net loss of RM13.02mil in the same 2022 period.

Revenue more than doubled to RM346.6mil from RM148.38mil in the previous comparative period.

As at end-September, 2023, the group has achieved sales of RM428.5mil, which is 78.7% of its full-year sales in 2022.

"All of our on-going projects registered healthy take-up rates of between 70% and 95%.

"We are confident of achieving 100% sales upon completion of our projects based on the performance of our recently completed projects," said CEO Teh Heng Chong in a statement.