Tambun Indah Land Bhd saw its net profit for the second quarter ended June 30, 2012 (Q212) grow 100.5 per cent to RM9.5
million from RM4.7 million in the same period previously.

This is due mainly to increasing revenue recognition from its current projects in Simpang Ampat and Butterworth.

As a result, Tambun Indah was able to record a revenue growth of 50.3 per cent to RM78.8 million for Q2 from RM52.4 million a year ago, having benefited from existing projects launched over the past two years.

"The better financial performance indicates our success in acquiring strategic landbank and launching innovative developments that appeal to discerning consumers in Penang in recent years," said Teh Kiak Seng, Tambun Indah Managing Director.

"The group is already looking to launch new and exciting projects in Penang in the second half of the year with a total estimated gross development value (GDV) of RM597.6 million," he said in a statement.

The developer is expected to launch five new projects by year-end, namely the mixed residential Pearl Residence 1 and Pearl Impian 1 development within its flagship Pearl City township.

Add to that, the mixed residential BM Residence project in Bukit Mertajam, three-storey residential development, Carissa Villas in Butterworth and Straits Garden, Tambun Indah's second foray into the Penang Island market.

Meanwhile, the second quarter was also a busy period for the group with the launch of two projects, namely the Pearl Indah 3 mixed residential development and the Carissa Villas shop offices, which have estimated GDV of RM92.9 million and RM22.5 million, respectively.

These two projects bring the group's current ongoing projects to 12 across Penang with total GDV of RM813 million.

As at end-June, Tambun Indah's total unbilled sales stood at RM261.7 million. -- Bernama