OSK Property Holdings Bhd recorded a higher pre-tax profit of RM19.36 million for the first quarter ended March 31, 2012 compared with RM12.05 million in the same period in 2011.
Revenue, however, fell to RM51.04 million from RM61.16 million previously. In a filing to Bursa Malaysia today, it said the improved pre-tax profit was due to higher sales achieved for its Bandar Puteri Jaya, Sungai Petani, Kedah project and higher contribution from Sutera Damansara project in Sungai Buloh.
"In addition, certain phases of these projects have reached advanced stages of construction, thus resulting in increased percentage of profit recognition," it added.
Going forward, the company said with the government's aim towards
encouraging home ownership among first-time buyers and its commitment in the implementation of the Economic Transformation Programme, the group's diverse range of properties was expected to be in demand.
The company planned to undertake industrial development of small- to medium-sized industrial factories on the industrial land in Shah Alam.
"This project will enable the group to diversify its development portfolio to include small, medium industrial factories and to expand its geographical coverage to Shah Alam," it said.
The group would continue to focus on its goals to enhance its performance level while continuously improving customer service as well as maintaining efforts towards effective cost-saving measures.