Management Discussion and Analysis

Financial Review

The Group’s revenue in the current financial year ended 30 June 2018 (“FY2018”) decreased by RM 7.4 million or 4.1 % as compared to the immediate preceding financial year ended 30 June 2017 (“FY2017”). The decrease was mainly due to lower property development sales.

Despite the lower Group revenue in FY2018, the profit net of tax attributable to ordinary shareholders increased by RM17.4 million or 73.3% as compared to FY2017. The increase was mainly due to a one-time gain from an investment realization.

As at 30 June 2018, the Group’s cash position remains positive with cash and bank balances of RM82.6 million and short term investments of RM86.4 Million.

Operations Review

Property Development

The property development business contribution to the Group’s profit before tax was RM44.4 million in FY2018 compared to RM35.5 million in FY2017.

Taman Daiman Jaya

Taman Daiman Jaya offers an affordable range of products priced below RM500,000. In FY2018, the development at Taman Daiman Jaya registered record revenue of RM34.3 million with a take up rate of 68% for Precinct Permata comprising 117 units double-storey terrace houses.

Precinct Nilam, a gated and guarded housing scheme for 8 units of double-storey semi-detached houses and 48 units of double-storey cluster houses registered a take up rate of 88% since its initial launch.

During FY 2018, the property development also recorded sales of double-storey terrace houses in Precinct 2B2 and 2C2 which registered a take up rate of 24% since its launch.

Taman Gaya

Taman Gaya registered revenue of RM46.7 million compared to RM46.1 in FY2017. The revenue were mainly from the Precinct Arista Phase 1, which consists of 56 units of cluster houses and 16 units of semi-detached.

With the new sales gallery at Taman Gaya, the commercial land on which the old sales gallery and site office are located has been freed up for commercial purposes. The Group plans to create an F&B hub named ‘The Gaya Garden’ to attract F&B operators for future recurring income stream. Currently, the old sales gallery building is leased to a Thai Food restaurant. Further marketing efforts continue to fill the space. An investment of approximately RM9.0 million has been approved for this project.

The demand for landed residential property in south Johor, especially in the matured township near city center, is still encouraging despite the slowdown in the property market. However, there are many ongoing challenges such as uncertainty of government policy on the low-cost and bumi-lot release application, introducing development charge for property development, shortage of construction workers and continuous precautionary measures taken by the financial institution on end-financing would post further burden to the developers in their project launching.

Property Investment

Property investment division maintained its revenue at RM12.3 million as compared to RM12.5 million in FY 2017. The new supply of office and commercial space continue to enter into the market, mostly in the Iskandar/Medini area. Profit before tax maintains at RM5.2 million in FY2018 despite challenging circumstances.

The four properties are expected to contribute positively to revenue in spite of the fact that the office sector will be challenging going forward. The office space market continues to see aggressive negotiation for renewal rates.

  • Menara Landmark

The office sector suffers from an increase in over supply. Occupancy rate for Johor Bahru Town area shows a descending trend as new office space draws tenants out of the Johor Bahru Town area.

Demand for the Medical Suites remain stable, with no significant increase in occupancy. The team continues to aggressively market the available space. Space is made available even for non-medical businesses.

The car park continues to provide a steady stream of income due to a strong base of season parking and consistent hourly parking demand.

  • Wisma Daiman

Office demand at Jalan Tebrau remains stagnant. The anchor tenant, Public Bank continues to contribute significantly to revenue. Management has explored different options and carried out various feasibilities for this building. Major challenges are the lack of carparks and the new competition from Tebrau One and South Key. Occupancy of Wisma Daiman is expected to drop significantly with the departure of tenants with no new sign ups in sight.

  • Daiman Apartments

The apartments are close to the Causeway and are fully leased out to workers in Singapore.

  • Courts Setapak

The commercial building in Setapak Kuala Lumpur remains fully leased to Courts Malaysia. Tenancy was signed for long term. No significant changes are expected.

Hotel Operations

The hospitality division delivered a revenue of RM57.4 million in FY2018 compared to RM54.2 million in FY2017. The loss before tax was reduced to RM5.6 million from RM7.5 million in FY2017.

The DoubleTree by Hilton hotel’s revenue, average daily rate and gross operating profit met forecasts and are expected to grow year on year. The hotel is expected to contribute positively to the Group’s cash flow.

Under Hilton’s management, the 4 star hotel establishment continues to attract strong corporate and leisure customers because of its strategic location and competitive product offerings. Strong domestic and Singaporean demand gave the hotel stable occupancy both during the weekdays and weekends.

The F&B offerings in the hotel cater to a wide range of consumer needs from both in-house guests and non-guest diners. ‘Makan Kitchen’ showcased several guest chefs from other Hilton Properties to differentiate the buffet offering. Ramadan and other banquet events all proved to be popular. Tosca, the Italian restaurant, has developed an identity and now has a strong following.

Management and hotel operations meet regularly to discuss revenue growth, cost management and profitability. Revenues and profitability are expected to remain stable with consistent growth. There are no significant capital expenditure expected in the next financial year.

Leisure and Recreation

The leisure and recreation business generated RM9.6 million in revenue and a profit before tax of RM913,000 in FY2018 compared to RM9.5 million in revenue and loss before tax of RM94,000 respectively in FY2017. The profit before tax increase is mainly due to the higher income from green fees and reversal of impairment losses on property, plant and equipment in Daiman 18 Golf.

Management carried out a detailed study of the sports business and has started to grow this business. Demand for sports facilities will continue to grow as Malaysians become more health conscious on the back of the Government’s encouragement in sports activities.

  • Golf

A new driving range has been constructed. It was opened for business in July 2017. The F&B business will be enhanced with a new café and an additional banquet ballroom. These will add positive revenue streams to the Group.

  • Sports Complex

Daiman Johor Jaya Sports Complex houses a variety of sports activities. Swimming, badminton and futsal have become popular sports.

  • Bowling Centre

Bowling remains extremely popular with the local market. Daiman Bowl remains profitable and remains as the most popular bowling centre in Johor. No significant changes or capital expenditure are expected.

Explore Our Business

Property Taman Gaya G Living
Property Taman Daiman Jaya Kota Tinggi
Property Taman Perindustrian Murni Senai
Menara Landmark Office Tower Hotel Medical Suites
Daiman 18 Golf Club Johor Bahru
Daiman Johor Jaya Sports Complex
Daiman Sri Skudai Sports Centre
Daiman Bowl Johor Jaya

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