KUALA LUMPUR: OSK Holdings Bhd’s net profit fell to RM76.77 mil in the first quarter ended March 31, 2020 from RM91.35 mil in the same quarter last year, as its businesses were affected by the movement control order (MCO).
In a filing with Bursa Malaysia, the group said its revenue also went down 3% to RM255.73 mil from RM263.87 mil previously.
“The MCO implemented since March 18 has resulted in minimal or no revenue generated from all segments for the period from March 18 to March 31,” it said.
OSK said its property, construction, industries and hospitality segments as well as investment holdings division recorded a lower performance except for the capital financing division.
The division registered revenue of RM23.97 mil, rising 51% from RM15.88 mil, in line with the growth in its financing portfolio.
On the prospect of the remaining year, the group said its property segment will continue to be supported by sales and progress billings from four ongoing projects such as Ryan & Miho in Selangor with combined gross development value (GDV) of RM1.95 bil.
“The division is targeting to launch two projects with a combined GDV of RM166.5 mil in the current financial year,” it said.
As of March 31, 2020, the group has effective unbilled sales of RM1.53 bil and a land bank of 589ha with an estimated effective GDV of RM10.33 bil in Malaysia and Melbourne, Australia.
“With the balance land bank covering various locations and two township developments in Peninsular Malaysia and the integrated development in Australia, the division will remain a key contributor to the group’s performance,” OSK said. – May 29, 2020, Bernama
