DBhd Turnaroud Plan Yields Positive Results

Damansara Realty Bhd (DBhd) announced that it achieved a net profit of almost RM3 million (mn) for the nine months ended 30 September 2017, triumphing against a net loss of RM14.5 mn a year ago.

The integrated facilities management (IFM), project management consultancy (PMC) and property group saw a year-to-date pre-tax profit of RM5.6 mn, against a pre-tax loss of RM12.5 mn previously. This followed a 37% jump in revenue to RM182.3 mn against RM133.1 mn. This strong performance was attributed to the increased contribution from the IFM segment, which saw its revenue grow by RM35 mn.

“Our turnaround programme is producing results faster than expected, with revenue growing and our margins increasing,” said Brian Iskandar Zulkarim, Group Chief Executive Officer.

The turnaround has extended beyond the group’s operational performance, with DBhd recently reducing its net current liabilities by RM132 mn, following its completion of a large portion of its settlement agreement for 53-acre land in Johor.

Additionally, the IFM segment is expected to continue driving DBhd’s recovery, having secured over RM146 mn in new contracts over the last 11 months, with the most recent contracts acquired by Metro Parking worth RM1.1 mn at Dataran Maybank and Etiqa Buildings.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Halal Street UK and Alliance Islamic Bank sign MOU to offer tailored programmes to SMEs

Halal Street UK,  an online store for Malaysian products in the United Kingdom has signed a multi-year Memorandum of Understanding with Alliance...

Shopee and Visa sign five-year strategic partnership to offer MSMEs more digital opportunities

E-commerce platform, Shopee and Visa has announced a five-year regional strategic partnership that will encourage greater participation in Southeast Asia’s digital economy,...

MADX Panel selects IBM Cloud to offer enhanced digital services to Malaysian enterprises

IBM has announced that MADX Panel, the leading Malaysian fintech software solutions company, is implementing IBM Cloud solutions to improve digital services...

AirAsia Digital partners with Google to launch Redbeat Academy

AirAsia Digital, in partnership with Google, has launched the Redbeat Academy as part of their continued digital transformation journey.

Better e-commerce service for higher consumer spending

By Farhan Kamarulzaman, As the usage of e-commerce platforms by Malaysians is on the increase during the Covid-19 period,...

Must read

Unprecedented times with Covid-19, business decision makers prepare for a soft landing and focus on employee retention

By Andrew Seow, Regional General Manager, Rimini Street Southeast Asia and Greater China, The Covid-19 pandemic is attacking health...

Caring for young hearts

By Dr. Marhisham Che Mood, Head of Paediatric and Congenital Heart Centre (PCHC) & Consultant Paediatric Cardiologist, While heart...

PropTech and the pandemic

By Adrian Un, CEO, SkyBridge International Digitisation and PropTech (property technology) have been buzzwords in recent years, but following...

Empower local agility to unlock new business models post-Covid-19

By Scott Hensarling, Senior Client Partner and Tobjorn Karlsson, Senior Client Partner, Korn Ferry, 2020 has challenged many assumptions...