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The Group reported a revenue of RM108.26million for the current quarter under review, a 23% increase compared to the revenue of RM87.72million reported in the corresponding quarter in the previous year due to new revenue streams from 2 projects launched in FY2017 i.e. The Olive and Bell Suites. The launching of The Olive and Bell Suites and further sales and work done from Forum 1, Suria Residence, Bell Avenue and Jasper Square development also contributed to the 37% increase in profit before taxation of RM46.79million in the current quarter under review compared to RM34.08million in the corresponding quarter of the previous year.
The Group's current year to date revenue also increased to RM398.48million from RM202.40million whilst profit before taxation increased to RM138.01million from RM54.20million in the previous year. The Forum 1, Suria Residence, Bell Avenue and Jasper Square contributed substantially to the commendable 97% increase in revenue and 155% increase in profit before taxation as work done gained momentum in FY2017.
The recent concern about the oversupply of residential and commercial properties is a signal of caution to the property sector. Nevertheless, the Group remains cautiously positive that there will always be demand for housing and real estate investments located at strategic locations and believes that its focus on Smart, Livable and Sustainable developments with innovative features will continue to appeal to and attract existing and new buyers. With a healthy level of unbilled sales and series of new development projects ready for launch and sale in FY2018, the Group expects to continue with its present financial year's performance amid a challenging operating environment.