PETALING JAYA: LBS Bina Group Bhd (LBS) recorded a higher revenue of RM402.6mil and profit after tax of RM32.9mil in the 1Q 2021 financial results despite the current tumultuous period faced by the property industry.
This was an increase of 34.8% and 184.9% respectively compared to last year’s corresponding period.
Despite a year disrupted by the Covid-19 pandemic, the group’s property development segment marched on strong upon the relaxation of the movement control order, with positive take-up rates and steady construction progress.
LBS executive chairman Tan Sri Lim Hock San said: “It has not been an easy period for businesses, but with immense efforts and careful strategic planning by the LBS team, the positive results are well-deserved. As vaccinations within the public increase, we are cautiously optimistic that we will be able to return to pre-pandemic normality soon.
“Nevertheless, we are steadily moving forward with our development projects while continuously ensuring the health and safety of our staff and workers. The future of the Group is promising,” he said.
Lim added: “As of 31 March 2021, LBS has unbilled sales of RM2.1 billion and 19 ongoing development projects with an estimated gross development value of RM5.14 billion. An increase in take-up rates despite the pandemic is a positive indication that our developments projects are in strategic locations and priced affordably.
“We currently garnered RM421 million sales and bookings in the pipeline of RM453 million. It is indeed pleasing to note that our projects such as KITA @ Cybersouth, LBS SkyLake Residence, Residensi Bintang Bukit Jalil and Bandar Putera Indah are well received by homebuyers. We are constantly looking to strike a balance between bringing our development projects into fruition while ensuring a healthy cash flow within LBS. With a disciplined approach towards our cash management, we are optimistic that we will be able to develop more affordable properties to meet market demand.”