KUALA LUMPUR, 27 August 2020: Damansara Realty Berhad (DBhd) or the Group posted RM96.3 million in revenue for the six months period ended 30 June 2020 (1HFY2020).
The Group saw a net loss of RM4.3 million for the first half of financial year 2020, against a net profit of RM6.2 million in the same period a year ago.
This is attributable to the nationwide lockdown due to the COVID-19 pandemic, which affected the Group’s operations, especially for Metro Parking Group. Its businesses in Malaysia, Philippines, and Singapore were under restrictions during the lockdown as per the respective governments’ directions, it said in its filing with Bursa Malaysia today.
“We are continuing as planned with our group wide corporate rationalisation initiatives to safeguard our financial resilience in dealing with the changing market conditions brought about by COVID-19. This will ensure that we have sufficient cash reserves for the rest of the year and beyond,” said DBhd’s Group Managing Director, Azman bin Haji Tambi Chik.
He added that the initiatives are focussed on financial prudence and a disciplined approach for better cost management and operational cash flow.
“Our Property and Land Development (PLD) segment still remains a crucial driver of contributions to the Group’s profit as there is still market demand for housing despite the property downturn,” said Azman.
For its 1HFY2020, the Group’s PLD segment recorded a revenue of RM9.61 million compared to RM5.74 million in 1HFY2019. The PLD segment also posted a profit of RM3.54 million compared to RM3.41 million for 1HFY2019.
The good performance was mainly due to higher units sold from its projects in Johor Bahru and Pahang.
“Meanwhile, our Integrated Facilities Management (IFM) segment has proven to be a recession proof with recurring income as the driver in maintaining our long-term sustainable profitability. We expect the segment to be the largest revenue contributor for DBhd in the coming years as the property market recovers. This will help us solidify our position as a key player in the IFM industry.” he said.