KUALA LUMPUR: Radium Development Bhd, which was recently listed on the Main Market of Bursa Malaysia, garnered a net profit of RM2.56 million in the second quarter of June 30, 2023 on the back of RM27.92 million revenue.
The property developer in a Bursa filing today, said the modest decline in revenue primarily stemmed from the recognition of lower revenue generated by the ongoing Vista Sentul Residences project, as well as the newly-launched R Suites Chancery Residences, Vista Adesa @ Desa Timur, and Radium Adesa @ Desa East
There was a one-off listing expense of RM1.6 million and advertisement expenses on the launch of Residensi Desa Timur project.
Despite these factors, Radium said it maintained a robust financial position, evident through a gross gearing ratio of 0.09 times.
As of June 30, the company's total equity reached RM813.01 million, with loans and borrowings amounting to RM76.11 million.
Radium is in a net cash position, boasting cash and short-term deposits totaling RM427.42 million as at the period.
Radium said it would expand its business through the acquisition of landbank and joint ventures for future projects in the Klang Valley to meet the demand of the residential property market in Klang Valley.
The company will also identify and acquire development sites with relevant planning and development consent in place.