KUALA LUMPUR (Aug 18): Teladan Group Bhd’s net profit sank 43.59% to RM8.03 million or 0.99 sen per share for the second quarter ended June 30, 2023 (2QFY2023), from RM14.24 million or 1.77 sen per share, in the previous year’s corresponding quarter. 

Earnings for the quarter were impacted by higher administrative expenses and lower gross profit margin, the Melaka-based property developer announced to Bursa Malaysia on Friday (Aug 18). 

Teladan (formerly known as Teladan Setia Group Bhd), saw its quarterly revenue decrease 3.94% to RM72.62 million from RM75.6 million. 

For the first half ended June 30 (1HFY2023), Teladan’s net profit dropped 31.09% to RM16.34 million from RM23.71 million while revenue slipped marginally to RM134.23 million from RM134.51 million. 

The group recorded RM101 million total property sales in 1HFY2023, contributed by sales from completed, ongoing as well as newly launched projects. 

Notwithstanding the impact of inflationary pressures and high interest rates, Teladan anticipates increased affordability for homebuyers facilitated by continued government support, execution of measures from the revised Budget 2023 and strategic initiatives under the 12th Malaysia Plan, said its managing director Richard Teo Lay Ban.  

“Our focus remains introducing homes that are relevant to the demographics, reaffirming our position as the trusted choice for homebuyers in Melaka’s property market," he said in a separate statement. 

Teladan’s share price was flat at RM1.15 on Friday, with a market capitalisation of RM930.9 million.