15 LEADERSHIP Management Discussion and Analysis (Cont’d) PROPERTY DEVELOPMENT PROPERTY DEVELOPMENT FYE 2023 FYE 2024 RM5.61 mil RM4.58 mil RM0.57 mil RM7.49 mil RM0.59 mil RM15.44 mil Revenue Gross Pro t/(Loss) PBT/(LBT) Revenue for the Property Development division declined from RM5.61 million in FYE 2023 to RM4.58 million in FYE 2024. The decline in revenue was due to the delivery of vacant possession of all the Telok Panglima Garang units in Q1 2024 and Taman Vista Impian, Dengkil having sold only 42% of units in FYE 2024. Despite very strong bookings (4x the number of units), the high interest rates and conservative lending environment in FYE 2024 resulted in a low conversion of bookings into sales and home loans. Our project in Rugby, UK has yet to begin development due to the UK’s unconducive market conditions - high interest rates and low consumer confidence led to a soft residential market for most of FYE 2024. MRO SERVICES MRO SERVICES FYE 2023 FYE 2024 RM1.20 mil RM1.04 mil RM0.18 mil RM1.710 mil RM0.13 mil RM1.07 mil Revenue Gross Pro t/(Loss) PBT/(LBT) Revenue and gross profit for the MRO Services division remains largely consistent year-on-year. However, expenses have increased for this division as it is actively recruiting and building capability to pursue a wider pool of clients.
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