KUALA LUMPUR, MALAYSIA, 11/09/2024 (Asia News Channels) - Land & General Berhad (L&G) reported a revenue of RM216.6 million for the financial year ending March 31, 2024, a decrease of 13% compared to RM249.2 million in FY2023. The decline in revenue was primarily attributed to lower contributions from the Property Division, despite growth in the Education Division. According to the company, the Property Division saw reduced revenue due to lower contributions from ongoing projects such as The WYN Residences and Livista, which are still in the early stages of development. Sales from Astoria and Sena Parc were also lower during this period.
The company's Education Division, however, saw improved performance with increased student enrolment and higher fees. Despite this, operating profit for FY2024 fell slightly by 3%, primarily due to the decline in contributions from the Property Division. L&G recorded a profit after tax of RM21.9 million, a 17% decrease from the RM26.5 million posted in FY2023.
L&G’s board of directors also announced that shareholders have approved a final dividend of 0.7 sen per share for FY2024. The dividend will be paid on October 18, 2024, with the entitlement date set for October 3, 2024.
-- ASIA NEWS CHANNELS