I-Bhd’s 3Q pre-tax profit increases to RM28 mln
KUALA LUMPUR: I-Bhd’s pretax profit for the third quarter (3Q) ended Sept 30, 2017, rose to RM28.55 million from RM25.44 million in the same period last year.
Revenue, however, declined to RM105.32 million from RM113.58 million previously.
In a statement yesterday, I-Bhd said for the nine-month period, its pre-tax profit rose 20 per cent to RM78.2 million from RM65.1 million in the same period last year.
Revenue jumped to RM335.97 million from RM280.7 million previously, it said.
The company said that as at endSeptember, unbilled sales stood at RM303 million compared to RM335 million at the end of June.
Executive chairman, Tan Sri Lim Kim Hong, said the property development segment continued to be the key driver of the performance, with the major contributions coming from i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City, Shah Alam, Selangor.
“Much of the on-going growth is the result of its successes in adopting a business strategy in which the property development segment is envisaged to contribute to a steady group revenue of RM500 million per year, augmented by an RM1 billion property investment portfolio when the entire development of i-City is completed,” he said.
Going forward, Lim said the company would focus on investment property plan following the recent completion of a 6,500 car parks that would be opened to public by year-end.
“At the same time, works are also on-going to complete and open the first of the three convention centres in i-City by next year together with the completion of the shopping mall,” he said.
As at end of the third quarter, about RM436 million has been invested for the various investment properties and the company expected another leap in performance when financial contribution from the property investment segment come on stream, he said.
Lim said the company was also relocating its theme park and attractions in i-City to be incorporated with the recentlycompleted SOHO development and freed about 8.09 hectares for the next phase of its property development.
“Our plans for the vacated area would then be developed as the central business district (CBD) of i-City. This CBD would be about 464,515-square metre development that is expected to be unveiled to the public by mid-2018,” he said.
He said that with over RM4 billion in gross development value, about half of the built-up areas of the CBD would be allocated for commercial offices. — Bernama