Property developer Land & General Bhd’s (L&G) net profit for the financial year ended March 31,2021 (FY21) more than doubled to RM30.45mil from RM14.89mil a year ago.

In announcing its results yesterday, it said its profit before tax was 42% higher at RM37.16mil compared with RM26.18mil.

“Higher full-year profit before tax was due to higher sales and progress billings from its ongoing Damansara Seresta project located in Bandar Sri Damansara; and lower development cost incurred, ” it said.

L&G said revenue for FY21 was RM134.89mil compared with RM139.72mil a year ago due to vacant possessions handed over for two projects, namely, Astoria Ampang Phase 1 in Jalan Ampang and Sena Parc Phase 1A in Senawang, Negri Sembilan.