WCT to incentivise to drive sales
Despite having no new launches slated for FY2017, management is targeting for property sales of RM500 million. This is solely derived from existing and incoming inventory amounting to around RM1 billion.
Despite having no new launches slated for FY2017, management is targeting for property sales of RM500 million. This is solely derived from existing and incoming inventory amounting to around RM1 billion.
Year on year, 1QFY2017 core net profit increased by 83.3% to RM341.1 million, boosted mainly by higher plantation earnings (which in turn were driven by higher palm product prices) and better performance at the property and farming divisions.
Recapping 2016, which is similar to 2015, property companies continued to underperform on the FBM KLCI Index with average return of -5% as compared with FBM KLCI at -3% for the year 2016.
Several catalytic developments have emerged in Greater Kuala Lumpur, which include Tun Razak Exchange, Warisan Merdeka, Bukit Bintang City Centre, Bandar Malaysia, Kwasa Damansara and Calvary Convention Centre.
With this job in the bag, Mitrajaya’s year-to-date job wins currently stands at RM736 million, which has surpassed last year’s sum of RM469 million.
WCT Holdings Bhd reported its third quarter of financial year 2016 (3QFY16) results with a revenue of RM414 million (+11% year-on-year, -29% quarter-on-quarter) and core earnings of RM20 million (+181% y-o-y, -8% q-o-q).
S P Setia Bhd reported a cumulative nine months in financial year 2016 profit after tax and minority interest of RM383 million, accounting for 59% and 57% of Hong Leong Investment Bank’s and consensus estimates, respectively.
Sales momentum was sustained in 2QFY17 with new sales reaching RM250 million.
One of the key strengths of Titijaya is its ability to expand its landbank through: i) joint ventures; and ii) land swaps with strategic partners such as government agencies and synergistic partners.
The Ascent sale will reduce WCT’s net gearing from 81% to 68% on a pro forma basis.