I-Bhd posts RM5.7mil profit in third quar­ter

The Star Malaysia - StarBiz - - News -

PETALING JAYA: I-Bhd recorded a net profit of RM5.69mil in its third quar­ter ended Sept 30, 2018, com­pared with a net profit of RM7.17mil in the pre­vi­ous cor­re­spond­ing pe­riod, while rev­enue in the third quar­ter stood at RM60.66mil from RM75.31mil a year ear­lier.

In a fil­ing with Bursa Malaysia yes­ter­day, I-Bhd said rev­enue for its prop­erty de­vel­op­ment di­vi­sion was lower in the cur­rent quar­ter as Hill10, which was launched dur­ing the com­par­a­tive quar­ter, re­ceived very good re­sponse.

“In ad­di­tion, i-Suite, Lib­erty, Parisien and Hyde de­vel­op­ments have also con­trib­uted to the higher rev­enue in the cor­re­spond­ing quar­ter.

“The stronger re­sult in the cur­rent quar­ter is a re­sult of the MFRS 15 ad­just­ment to the com­par­a­tive quar­ters.”

For its prop­erty in­vest­ment di­vi­sion, I-Bhd said the slight im­prove­ment in rev­enue for the third quar­ter of 2018 was due to the lease of the ad­di­tional com­pleted in­vest­ment prop­er­ties in the seg­ment.

“The ex­tended loss be­fore tax­a­tion is a re­sult of the share of re­sults of an as­so­ciate which is in­cur­ring pre-op­er­at­ing ex­penses.”

Mean­while, I-Bhd said rev­enue for its leisure seg­ment rev­enue was sus­tained, while the ad­di­tional main­te­nance and up­grad­ing works car­ried out in the quar­ter to en­hance cus­tomers’ ex­pe­ri­ence re­sulted in a lower profit be­fore tax for the cur­rent quar­ter.

For the nine-month’s pe­riod ended Sept 30, 2018, I-Bhd’s net profit rose to RM52.49mil from RM49.30mil in the pre­vi­ous cor­re­spond­ing pe­riod, while rev­enue dur­ing the pe­riod in­creased to RM327.18mil from RM315.70mil a year ear­lier.

Com­ment­ing on its prospects, I-Bhd said it ex­pects a chal­leng­ing mar­ket ahead for the prop­erty de­vel­op­ment seg­ment amid the con­sol­i­da­tion of both na­tional and global econ­omy, and thus, adopts a cau­tious ap­proach.

“The group’s un­billed sales as at Sept 30, 2018 stood at RM160.7mil as com­pared to RM305.4mil as at June 30, 2018.”

The com­pany also said it re­mains fo­cused on en­hanc­ing i-City de­vel­op­ment and con­tinue im­prov­ing the liv­ing ex­pe­ri­ence as well as value of the de­vel­op­ment. “In ad­di­tion, the group is also fo­cus­ing on the on- go­ing de­vel­op­ment of its in­vest­ment prop­er­ties namely, Cor­po­rate Of­fice Tower, Dou­ble Tree by Hil­ton and sec­ond con­ven­tion cen­tre, which will con­trib­ute re­cur­ring in­come stream to the group in the near fu­ture. Un­der the fore­go­ing cir­cum­stances, the board is of view that the op­er­at­ing per­for­mance of the group will be chal­leng­ing for the re­main­ing quar­ter of the fi­nan­cial year end­ing Dec 31, 2018 de­spite the group’s con­tin­u­ous strate­gic ef­forts.”

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.