I-Bhd pre-tax profit surges to RM26.6 million in the second quarter

KUALA LUMPUR: Property developer I-Berhad chalked a higher pre-tax profit of RM26.6 million in the second quarter ended July 30, 2017 (2Q), up 13 per cent, from RM23.6 million recorded in the same quarter last year.

Revenue rose 47 per cent to RM127.8 million registered in the quarter reviewed from RM86.7 million previously, the company said in a statement yesterday.

The property development segment continued to be the main contributor to the steady performance, a result of construction progress and continuous sales from four projects, namely i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City.

It was also backed by the Hill10 Residence @i-City located above the DoubleTree by Hilton at i-City Shah Alam.

I-Bhd said the unbilled sales stood at RM335 million, at the end of June 2017 compared with RM448 million, recorded at the end of March 2017.

However, the unbilled sales had yet to take into account the sales of Hill10, which would be reflected in second half of 2017.

“As at the date of this announcement, Hill10 had registered strong interest with a take up rate of 70 per cent,” it said.

I-Berhad would further expand its leisure park with the opening of a new cutting edge interactive Red Carpet 2 in the third quarter, the company added.