KUALA LUMPUR: DIJAYA CORPORATION BHD [] reported net profit of RM18.54 million in the first quarter and announced projects with gross development value (GDV) of RM3.5 billion over the next two years.

It said on Friday, May 27, that its earnings jumped 489% from RM3.15 million a year ago, boosted by higher profit margin contributed by its new property development launches.

The earnings were underpinned by the new launches including Tropicana Grande golf-fronted condominiums and Casa Tropicana final Block E condominiums at Tropicana Golf & Country Resort as well as Pool Villas at Tropicana Indah Resort Homes.

Dijaya added the 3Q earnings included net gain of fair value adjustment of RM5.16 million arising from marketable securities and recognition of RM4 million in liquidated and ascertained damages compensated from a contractor.

Its managing director Datuk Tong Kien Onn said that given the current set of results and the good location of the company's current development, he was optimistic Dijaya would continue to post an improving set of results.

'The Company also has projects under planning to be launched over the next two years worth RM3.5 billion in GDV.

'These projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and Tropicana Cheras bungalows, semi-dees and linked houses. With all these projects on the pipeline, the Company is poised for growth.'