Land & General Bhd’s (L&G) net profit more than doubled to RM30.46 million in the year ended March 31, 2021 (FY21) from RM14.89 million recorded in FY20.

The property developer said this was due to higher sales and progress billings from its on-going Damansara Seresta project in Bandar Sri Damansara.

L&G said this was also contributed by lower development cost incurred arising completion and handing over of Astoria Ampang Phase 1 and Sena Parc Phase 1A mid-way through the financial year.

Its revenue dropped marginally to RM134.89 million from RM139.72 million, due to vacant possessions handed over for two projects, Astoria Ampang Phase 1 in Ampang and Sena Parc Phase  1A in Senawang, Negri Sembilan.

L&G has declared a final single tier dividend payment of 0.5 sen per share in respect of FY21.

L&G expects the property market performance to remain mixed due to persistent uncertain market sentiment compounded by Covid-19 pandemic.

The company added that it was cautiously optimistic of its performance for the coming year with its planned launches of three new property projects.

The projects are Astoria Ampang Phase 2 (506 units of serviced apartments in Ampang), Sena Parc Phase 2 (54 units of double storey terrace houses in Senawang, Negri Sembilan) and as yet to be named residential project comprising 732 units of condominiums located next to the company’s head office in Bandar Sri Damansara.

L&G said the total combined gross development value for the planned launches would be in excess of RM900 million.

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