KUALA LUMPUR: Affordable housing and integrated township developer Lagenda Properties Bhd posted revenue of RM185.2 million for the third quarter (Q3) ended 30 September 2021 (FY21), slightly below revenue of RM194.7 million achieved in the same quarter last year.
The lower revenue was due to the delay in construction activities caused by the Movement Control Order and the intra-group adjustments arising from the asset injection exercise in Q3 of 2020.
Net profit closed at RM45.5 million compared to RM49.8 million in Q3 FY20.
As of September 30, 2021, the company's unbilled sales stood at RM591 million, while outstanding bookings were RM684 million
For the first nine months (9M) of FY21, Lagenda's revenue increased by 38 per cent to RM584.4 million, while net profit increased by 53 per cent to RM144.0 million.
Managing director Datuk Jimmy Doh said the company's cumulative sales and bookings
up to this quarter are RM1.2 billion.
"The robust demand demonstrates that affordable housing is still an underserved segment, and Lagenda will continue to remain focused on this market.
"We are also optimistic about continuous healthy take-up rates for our launches and are targeting to launch nearly 6,000 over the next 12 months.
"We are working with Solarvest Holdings Bhd to install 1,000 residential solar PV systems across three township projects in the state of Perak," he said in a statement today.
Jimmy said the PV system could generate energy up to 98 per cent of the monthly electricity usage.
In the long term, home buyers will ultimately enjoy a lower cost of living, adding to the attractiveness and affordability of our projects.
"The next 12 months will be exciting for Lagenda. Besides our home turf in Perak, we will be rolling-out maiden projects in Kedah and Johor.
"As we continue to grow, we will enjoy greater efficiencies and economies of scale as we operate on a highly scalable model akin to mass manufacturing," he said.