Property developer OCR Group Berhad saw its profits increase from RM2.5 million in the first quarter ended 31 March 2022 compared to RM0.1 million it achieved in the previous corresponding quarter. The group attributes the rebound coming from sales and progress billings for ongoing projects, as well as the one-off gains from bargain purchase via the acquisition of OCR Selayang Industrial Park completed in March 2022.
Revenue improved 10.1% year-on-year to RM24.7 million from RM22.5 million a year ago, mainly derived from its ongoing property development projects namely Isola in KLCC, PRIYA Kuantan affordable homes, and The Mate in Damansara Jaya. The Group also recognised revenue for its construction works for YOLO Signature Suites in Bandar Sunway.
Billy Ong Kah Hoe Managing Director of OCR Group Berhad commented “The commendable improvement in financial performance reflects OCR’s ability to quickly accelerate construction activities on-site since restrictions were lifted in the fourth quarter of 2021. We intend to ride this positive momentum as we strive to deliver the vacant possessions of PRIYA Kuantan affordable homes and OCR Selayang Industrial Park this year.
OCR is confident in consumer spending moving forward but will monitor the overall environment for the appropriate timing to potentially launch new property developments in the second half of 2022. Compared to the preceding fourth quarter ended 31 December 2021 (4Q21), OCR’s profit after tax improved 318.0% from RM0.6 million, on 68.7% higher revenue from RM14.7 million.
