29-05-2025
- Business
- New Straits Times
OCR posts lower net profit, revenue in Q1
KUALA LUMPUR: OCR Group Bhd recorded a lower net profit of RM408,000 for the first quarter ended March 31 2025 compared to RM1.02 million net profit a year ago.
Its revenue stood at RM32.78 million against RM33.97 million previously, amid a normalising cost environment following the completion of key developments.
OCR said the softer performance was anticipated, given the reduced contribution from completed projects.
Its revenue for the quarter was primarily derived from progress in ongoing residential developments such as The Mate @ Damansara Jaya, Stellar Damansara, and Kyra Collection (Kyra) - Residensi Akasia.
The projects continue to underpin OCR's earnings visibility while new phases are being prepared for launch, it added.
On a quarter-on-quarter basis, revenue rose significantly from RM4.0 million in Q4 FY2024, reflecting the completion and billing of Isola KLCC in the current quarter.
However, its pre-tax profit normalised to RM0.37 million from RM3.80 million in the immediate preceding quarter, which had included one-off gains from the revaluation of investment properties.
Group managing director Billy Ong Kah Hoe said while margins moderated during the quarter following the completion of key projects, OCR's topline recovery demonstrated the strength of its development portfolio.
"We continue to focus on prudent cost management, timely project execution, and tapping into strategic government-backed initiatives to expand our affordable housing offerings."
He added that with a healthy pipeline of projects, OCR continues to be well-positioned to tap into growing demand in both the affordable and mid-market segments.
The company is preparing to launch D'Templer Hilltop Residences in Rawang, a RM344 million GDV project targeted for Q2 2025.
The project aligns with OCR's strategy to deliver lifestyle-oriented urban housing with broad market appeal, it said.
OCR will continue to focus on market-driven developments that meet evolving homebuyer preferences.
"With supportive policies under 2025 Budget, including the RM10 billion Housing Credit Guarantee Scheme, and a projected national GDP growth of 4.5-5.5 per cent, the group anticipates stable property demand in key growth corridors, it said.
