PETALING JAYA: Dutaland swung back into profitability in the financial year ended June 30, 2017 at RM13.21mil underpinned by the higher contribution from its property and plantation divisions.
It said its earnings were in stark contrast with the RM3.72mil net loss in FY16. Its revenue jumped 245% to RM130.38mil from RM37.78mil. Dutaland’s profit before tax (PBT) was RM21.9mil versus RM100,000 a year ago due to the sale of land and better performance from the plantations.
The property division recorded higher profit at RM20.2mil versus loss of RM7.2mil mainly derived from disposal of land from the Kenny Heights joint-venture project. Its plantation division’s profit jumped to RM11mil from RM2.2mil a year ago.
For the fourth quarter ended June 30, 2017, it posted earnings of RM15.08mil compared with net loss of RM5.02mil a year ago. Its revenue rose 752% to RM91.26mil from RM10.72mil.
The property division recorded revenue of RM80.9mil mainly from the disposal of land from the Kenny Heights joint-venture project.
Last week, Boustead Plantations Bhd announced that it was proposing to buy 11,600ha of plantation land from DutaLand’s Pertama Land & Development Sdn Bhd for RM750mil.