SIME Darby Property Bhd’s (SDP) net profit for the first quarter fell 94.7% to RM14.15 million.

It registered RM265.08 million in the same quarter last year.

Revenue fell 17.1% to RM476.74 million from RM575.13 million previously, said the company in a filing with Bursa Malaysia today.

It attributed the decline in quarterly performance to a significant decrease in contribution from core business segments, coupled with other losses and higher financing costs.

In a separate statement, SDP said for the quarter under review, it has launched 583 units in its flagship township Elmina East, comprising 513 units of linked homes priced from RM578,000, and 70 units of two- and three-storey commercial premises priced from RM1.39 million.

“The company has witnessed positive responses from prospective buyers.”

The firm expects its performance in the coming months to be adversely affected by the spillover effects of the Covid-19 pandemic on consumers’ purchasing power, resulting in a moderation of property sales.

Group managing director Azmir Merican said SDP will streamline efforts to promote the right products, as well as improve its processes and systems. – Bernama, May 21, 2020.