Casa Holdings (C04) H1 2024 earnings summary

Executive summary

• HY2024 revenue fell 14.6% YoY to $10.3m and profit attributable to equity holders fell to $0.7m from $1.5m, amid slower market conditions and lower associated-company earnings.

• Profit after tax was $0.694m; total comprehensive income was $0.252m, down 62.5% YoY.

Financial highlights

• Gross profit declined 13.5% YoY to $4.4m; cost of sales fell 15.5% to $5.8m, with gross margin higher as cost of sales declined more than revenue.

• Other income rose 26.0% to $1.164m, mainly reflecting the mandatory acquisition of subsidiary land by Johor authorities for infrastructure development.

• Administrative expenses increased 13.2% to $4.1m, selling and distribution expenses rose 1.8% to $1.9m, and finance expenses increased 8.6% to $1.059m.

• Adjusted for lower share of associated-company profit, that contribution fell 80.6% to $0.314m; a $1.5m share of joint-venture gain supported HY2024 results.

Outlook and guidance

• No prior forecast was made for HY2024; no ordinary dividend was declared or recommended for the current period.

• A gradual improvement in Malaysia’s property market is prompting continued exploration of development opportunities.