YNH Property posts RM15m net profit in 1Q

KUALA LUMPUR: YNH Property Bhd posted a net profit of RM15.17 million in its first quarter ended March 31, 2009, down 43% from the RM26.69 million recorded in 1Q08.

Revenue fell 29% to RM62.93 million from RM88.73 million.

The lower profit and revenue were mainly due to fewer property launches in view of the weak market demand for high-end properties, the company said in a statement today.

However, going forward, the group had entered into joint ventures to develop a few pieces of strategic land in Mont' Kiara, Hartamas, Kuala Lumpur city centre, Ipoh city and Seri Manjung town.

These developments, which are at the planning stage, had an estimated gross development value of RM1.8 billion and were expected to contribute to the group's earnings for the next 15 years, YNH said.

By The EDGE Malaysia (by Tony C H Goh)