Property developer Avaland Berhad formerly known as MCT Berhad) reported revenue of RM214.6 million in the first quarter ended 31 March 2024, increasing 2.8 times from RM76.6 million recorded in 1Q2023.
Against this backdrop, the company posted a net profit of RM21.2 million in 1Q2024 as compared to RM0.1 million in the previous corresponding quarter. The improved financial performance was mainly on the back of advanced construction progress from the Group’s ongoing projects, namely Aetas Damansara, Alira Subang Jaya, Casa Embun and Sanderling.
Commenting on the results, Apollo Bello Tanco , Chief Executive Officer said “We continued the uptrend by reporting higher property sales of RM211.6 million in 1Q2024 which was 83.9% higher than the RM115.1 million sales recorded in the previous corresponding quarter.”
As at 31 March 2024, the Group’s unbilled sales stood at RM852 million, providing the Group with earnings visibility over the next few years.
