PETALING JAYA: Fajarbaru Builder Group Bhd recorded a net profit of RM10.02mil for the fourth quarter ended June 30 on the back of higher revenue from its property development as well as logging and timber trading segments.

The group saw its revenue for the quarter jump 24.8% to RM129.87mil.

In a filing with Bursa Malaysia, the construction firm said its property development segment had recognised a revenue of RM55mil from its Australian project, the GardenHill, during the quarter.

It also successfully launched its maiden property development in Malaysia, Rica Residence Sentul, and recognised a revenue of RM9.7mil from this project during the period.

The logging and timber trading segment contributed a higher revenue of RM32.2mil compared to RM29.3mil in the same period a year ago.

“These were mainly due to the higher timber prices and demand in the current quarter as compared to the previous year’s corresponding quarter,” it said.

Its construction segment, however, recorded a lower revenue of RM28.9mil compared to a year ago due to lesser construction activities, as the newly awarded projects are currently at their initial stages of execution.

Earnings per share for the period was at 2.76 sen compared to a loss per share of 0.91 sen a year ago.

For the full year, the group’s net profit jumped more than three-fold to RM38.79mil, while revenue was higher by 6.9% to RM453.3mil.

In a statement, the group said it believed the project pipeline and sentiment would be more positive in the coming quarters.

It said it is poised to participate in more construction projects.

“The company will continue to bid for jobs that have promising and exciting growth potential. Fajarbaru is now planning to replenish its order book and further enhance its earnings,” it said.

Moving forward, it said the property development segment is expected to bring in more contribution, in line with the successful launch of its maiden property project in Malaysia.

The group said the current take-up rate of 70% had proven the market confidence in its property products.

In Australia, the group launched its second project, Paragon, in Melbourne in April, and has received overwhelming response with an 85% take-up rate to-date.

“The group will continue to explore more business opportunities and is committed to continue capitalising on its strengths to generate sustainable revenue from its existing and new businesses,” it said.