KUALA LUMPUR (Aug 23): NCT Alliance Bhd (NCT) posted a net profit of RM9.3 million in its second quarter ended June 30, 2023, on the back of a 20% increase in revenue to RM58.4 million.
In a statement on Wednesday (Aug 23), the developer said the lower profitability was primarily due to higher staff costs and bank facility charges, as well as marketing promotional costs for the quarter.
Additionally, NCT said it recorded a net gearing of 29%, a reduction from 39% in FY2022.
It said this was achieved through the continuing repayment of borrowing from the Grand Ion Majestic project’s progress collections.
NCT executive chairman and group managing director Datuk Sri Yap Ngan Choy (pictured) said while the bottom line was impacted in the period under review, the company continued to record solid growth in revenue.
“This was mainly driven by our ongoing projects, namely Grand Ion Majestic and Acacia Residences, along with the sale of completed stocks in our Grand Ion Delemen project,” he said.
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Source: EdgeProp.my
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