Land & General Bhd posted a net profit of RM7mil in the its first financial quarter ended June 30, 2021, which was 28.6% improved over RM5.44mil recorded in the previous corresponding quarter.

Revenue for the quarter under review more than doubled to RM30.64mil versus RM14.7mil in the comparative quarter.

Earnings per share rose to 24 sen compared to 18 sen in the year-ago quarter.

According to the group’s statement issued yesterday, the higher quarterly revenue was owing to higher sales and progress billings from the ongoing Damansara Seresta project at Bandar Sri Damansara as well as sales of units at its completed Astoria Ampang Phase 1 and Sena Parc Phase 1A at Senawang.

On prospects, the group said in a filing with Bursa Malaysia that its ongoing development activities are not significantly affected by the movement restrictions imposed under Phase 1 of the National Recovery Plan.

The group’s projects remain on track for completion within the scheduled period for handover to purchasers although the upcoming new launch of the service apartment project in Bandar Sri Damansara may be deferred to the second quarter of 2022, it added.