PETALING JAYA (Nov 6): OSK Property Holdings Bhd (OSK Property) posted a 7% increase in net profit in its third financial quarter ended Sept 30 (3QFY14) to RM21.55 million, on construction work for several development projects.

Revenue dipped 7.04% in the quarter under review to RM138.6 million, compared to RM149.1 million in 3QFY13.

No dividend was declared the recently concluded quarter.

For the nine months up to Sept 30 this year, the company's net profit jumped 90% to RM71.7 million versus RM37.7 million in last year's corresponding period.

Year-to-date (YTD) revenue rose 49.3% to RM462.4 million compared to RM309.7 million previously.

“This is mainly due to higher level of construction work carried out during the current period for on-going projects such as Mirage by the Lake and Pan’gaea, both located in Cyberjaya, Mirage Residence in Kuala Lumpur, Atria SOFO Suites in Damansara Jaya and Bandar Puteri Jaya in Sungai Petani,” the report stated.

On prospects, the company said the property market would continue to be challenging but it remained optimistic that on-going projects would contribute positively to the company’s earnings for the remainder of the year.

The company said its recent launches, Eclipse, Phase 3 of the Pan’gaea project and Emira Residence in Shah Alam have achieved sales of 70% and 60% respectively.

“Moving forward, the group will focus on delivery of its on-going projects, continue to source for prime and strategic development lands and explore viable joint venture opportunities,” it said.

“All of the group’s projects which are in progress are expected to contribute positively to the earnings of the group for the remainder of the year.

“The board is optimistic that the group will achieve satisfactory results for the remaining year,"it added.