KUALA LUMPUR (Aug 22): Matrix Concepts Holdings Bhd's (KL:MATRIX) net profit stood at RM60.7 million or 4.85 sen per share in the first quarter ended June 30, 2024 (1QFY2025), down 6% from a year ago, on the back of decreased revenue.

In the corresponding quarter a year ago, net profit was RM64.6 million or 5.16 sen per share, according to its filing to Bursa Malaysia on Thursday.

The property developer declared a first interim dividend of 2.5 sen per share, payable on Oct 10.

Quarterly revenue fell nearly 16% to RM279.7 million from RM331.4 million a year ago, as revenue recognition from its flagship Sendayan Developments declined by 16.6% to RM250.3 million from RM300.0 million in the previous year.

Revenue from other property developments, namely The Chambers in Kuala Lumpur, Bandar Sri Impian in Kluang and its Australian operations, totalled RM11.8 million for 1QFY2025, a reduction of 44.3% from RM21.3 million in the previous year.

The lower revenue contribution was primarily due to the completion of M Greenvale in Australia and The Chambers in the previous year.

At noon break, Matrix shares were unchanged at RM1.89, valuing the group at RM2.4 billion.