Property developer JS Land PLC’s net loss expanded to $517,296 in the second quarter ended June 30, 2023, from $196,834 a year ago, while revenue shrank 57.7 percent year-on-year to $10,682 from $25,255.
The Growth Board listed entity’s filing with Cambodia Securities Exchange today showed that 77 percent of units in The Garden Residency 2 (TGR2), have been sold as of June 30, 2023.
However, in accordance with the requirements of International Financial Reporting Standards (IFRS), all revenues are recognised at a point in time upon transfer of the ownership of the residential units to the customers.
Hence, since TGR2 was still under construction in the second quarter, there were no reported property sales.
That being said, the project has been completed ahead of its schedule, JS Land shared in a separate filing three days ago, noting that the property would be handed over to buyers in the third quarter of 2023.
In the second fiscal quarter, it launched a pre-handover marketing campaign for TGR2 to strengthen the project’s brand presence and promote attractive packages to buyers before the handover of the property.
According to JS Land, the condominium market in Cambodia has been challenging due to the high supply of condominiums in Phnom Penh.
“With the launch of the pre-handover marketing campaign, TGR2 has achieved its forecast sales target for the second quarter,” they said.
The housing developer, whose revenue is backed by condominium sales, adopts “state-of-the-art construction technologies and latest architectural designs” so that Cambodians can own “genuine and affordable homes” with the “finest workmanship”.
In its first half ended June 30, 2023, net loss grew to $836,595 from $623,687 in the corresponding period last year while revenue inched up 4.1 percent to $33,345 from $32,039 a year ago.
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