♦ Above expectations. IJMLD’s 1QFY11 net profit of RM53.5m (doubled
from 1QFY10) exceeded our and consensus estimates by 20-25%. The
strong performance was mainly due to large number of property launches,
such as The Light Linear and Light Point, and hence sales generated since
April 2009, driven by improved buyer sentiment. EBIT margin improved to
24.5%, thanks to the better product mix of more higher-end properties.
Unbilled sales continue to remain healthy at about RM850m.
IJM Land Berhad : Above Expectations - 26/08/2010
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