L&G - unbilled sales RM600 million

It sits on unbilled sales of about rm600 million that will last the company through the next 15 months from March 2014.

The unbilled sales of rm600 million is contributed by its two projects. The Elements@Amapang and Damansara Forests, both of which contributed to the huge jump in its property division’s revenue to rm134.6 million in 2QFY2014 ended Sept 30 2013.

It had also proposed to acquire a 5.66 acre tract off Jalan Ampang for rm118.5 million cash.
L&G intends to fund its portion of the financial commitment of rm127 million through internally generated funds and/or external bank borrowings. Its gearing as at March 31 2013 stood at 0.2 times.

The land purchase is for its serviced apartment project which has an estimated GDV of rm789 million. With a gross development cost of rm559 million, estimated profits stands at about rm231 million. The company plans to launch the project at the end of 2014.

As at Sept 30 2013, the company had cash of rm293 million.

It is primarily in the business of property investment and development. It is also engaged in the cultivation of rubber and oil palm, ownership of a school building complex and provision of education services.

Its current focus will be to look at development properties – land for development where it can acquire, build and sell.