Land & General Bhd’s (L&G) net profit increased 28.6 per cent to RM6.99 million in the first quarter (Q1) ended June 30, 2021 from RM5.44 million recorded in the same quarter last year.

In a statement yesterday, L&G said this was due to higher sales and progress billings from its ongoing Damansara Seresta project at Bandar Sri Damansara.

This was also achieved from the sales contribution of units at its completed Astoria Ampang Phase 1 and Sena Parc Phase 1A at Senawang.

LBG said its 45 per cent-owned associate Country Garden Properties (Malaysia) Sdn Bhd and its 50 per cent-owned Hidden Valley Autralia Pty Ltd had also registered improved results during the quarter.

Its revenue in the same quarter surged more than doubled to RM30.64 million from RM14.7 million.

L&G expects the property market to remain challenging for the financial year ending March 30, 2022 as the nation embarked on the path of National Recovery Plan (NRP) with Selangor and Kuala Lumpur still in Phase 1 with movement restrictions.

“At this juncture, the group’s on-going development activities are not significantly affected by the movement restrictions imposed under Phase 1 of the NRP, whereby the projects are still targeted to be completed within the scheduled completion period for handing over to purchasers.

“However, the group’s upcoming new launch of the service apartment project in Bandar Sri Damansara may be deferred to second quarter of 2022.

“Nonetheless, the group will continue to monitor closely the potential impacts from this Covid-19 pandemic and will remain proactive and vigilant in mitigating those impacts that may arise,” it said.