By BERNAMA / Graphic By TMR

Country View Bhd’s net profit surged to RM70.51 million in the financial year ended Nov 30, 2018 (FY18), from RM28.47 million in the previous year.

Revenue soared to RM236.06 million from RM121.95 million a year earlier.

In a filing to Bursa Malaysia yesterday, the property developer said the positive performance was mainly derived from its property development division.

“The surge in the revenue and profit before tax for the current financial year to date was largely derived from the completion of the disposal of the land in Kulim, Kedah, in the fourth quarter,” it said.

Country View’s pretax profit stood at RM90.79 million in FY18 from RM40.01 million in the previous year.

Moving forward, the company said it remained cautious in view of the continued stringent lending requirements by the financial institutions, the intense competition among developers and weak market sentiments.

The developer said the group also plan to launch its three-storey semi-detached homes at Taman Nusa Sentral in Iskandar Puteri, Johor, for the coming financial year.