SBC Corp confident of hitting RM300m sales target this year

KUALA LUMPUR: Property developer SBC Corp Bhd, which has been missing its sales target in the last few years, is confident of hitting the RM300 million sales mark this year.

“This coming year we will revise upwards because the demand is quite strong. Typically a year we will set a target of about RM300 million,” the group's CEO Datuk Sia Teong Heng told reporters after its AGM here today.

As for earnings, Sia is expecting a better bottom line in the current financial year due to contributions from its various projects, which are in various stages of progress.

However, he noted a significant contribution can only be recognised in the next 18 months from now. Its key earnings generator – the Jesselton Quay Central (JQC) project is expected to be completed in 2020.

The project has a gross development value (GDV) of RM700 million and is part of the Jesselton Quay mixed development which carries a minimum GDV of RM1.8 billion. JQC has reached 30% progress.

For the financial year ended March 31, 2018, SBC returned back to the black with a net profit of RM1.17 million compared with a net loss of RM3.69 million in the previous year. Its revenue was lower at RM51.99 million against the RM64.6 million recorded a year ago.

For the first quarter ended June 30,2018, the group's net loss widened to RM1.79 million from RM199,000. Revenue grew to RM17.66 million from RM13.26 million.

Besides JQC, other projects by SBC include Kiara East, Bandar Ligamas township in Hulu Selangor and Kapas in Bukit Bandaraya Bangsar, Kuala Lumpur.

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