Within expectations. Excluding RM10.3m net gain arising from the disposal of a subsidiary (a SPV which holds PJ8 Block C) in 2Q10, IJM Land reported 9MFY03/10 normalised net profit of RM76.5m (>+100% yoy). This was within expectations, accounted for 71% and 74% of our and consensus estimates, respectively. As at Dec 09, the company has unbilled sales of about RM800m, which represents 0.9x of our FY10 revenue forecast. We understand that the company has achieved close to RM1bn sales as at Dec 09.
IJM Land Berhad : On Track - 01/03/2010
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