Muristek
KUALA LUMPUR, May 31 ― OSK Holdings Bhd's net profit for the first quarter ended March 31, 2022 decreased to RM86.27 million from RM116.41 million recorded in the same period last year.
Revenue decreased to RM306.46 million from RM324.96 million previously, the group said in a filing with Bursa Malaysia today.
“Lower revenue and pre-tax profit were recorded by the property segment whilst the other segments showed improvement during the quarter under review. The lower revenue (by property segment) was because those projects that were launched in 2021 were at their initial stages of construction and have not reached the revenue and profit recognition threshold.
“The construction progress of these new projects was not in time to replace the revenue and profit recorded from completed projects in 2021,” it said.
Moving forward, OSK Holdings said the performance of the property development division will continue to be supported by the recognition of revenue from progress billings of those properties sold from ongoing projects.
“The division launched Mira at Shorea Park, Puchong in August 2021 and has recorded commendable take-up rates. Pipeline projects, including LEA By The Hills in Taman Melawati (Gombak), and Phase 8B in Iringan Bayu (Seremban), and existing ongoing projects will provide a sustainable revenue stream for the division,” it added. ― Bernama