KUALA LUMPUR (May 22): Property developer Skyworld Development Bhd (KL:SKYWLD) said on Tuesday (May 21) that its net profit for the fourth quarter was down 64% from a year earlier, mainly on lower revenue and higher expenses.

Net profit for the three months ended March 31, 2024 (4QFY2024) totalled RM20.75 million, compared to RM58.2 million over the same quarter a year earlier, Skyworld said in an exchange filing. Revenue for the quarter declined 30% to RM158.29 million, from RM225.95 million.

Going forward, Skyworld said it plans to launch new projects in Kuala Lumpur, with total estimated gross development values exceeding RM1 billion in FY2025.

“Furthermore, we will continue to be on the lookout for strategic lands in Malaysia and Vietnam to sustain our future development,” said chairman Datuk Seri Ng Thien Phin. Unbilled sales totalled RM548.1 million, “which will continue to provide earnings visibility for the next couple of years,” he said.

For the full year of FY2024, Skyworld’s net profit was 26% lower at RM106.98 million from RM144 million, on lower progressive billings and higher marketing expenses for new projects launched. Revenue fell 18% to RM688.61 million from RM841.41 million, following completion of projects. 

The company delivered three fully sold developments — SkySierra Residences, SkyAwani IV Residences and SkyAwani V Residences — during the financial year.

Skyworld also declared a final dividend of one sen per share, to be paid on July 15. This raised total dividend for the full financial year ended March 31 (FY2024) to 2.25 sen per share, versus three sen per share paid out for FY2023.

Shares of Skyworld were one sen or 1.45% higher at 70 sen at Tuesday’s closing bell, valuing the group at RM700 million, ahead of the results announcement.