I-bhd reports net profit of Rm1.09mil for first quarter
PETALING JAYA: I-bhd registered a net profit of Rm1.09mil in the first quarter ended March 31, 2020, compared with Rm7.06mil in the previous corresponding period, while revenue stood at Rm28.70mil compared with Rm41.06mil a year earlier.
In a statement yesterday, the company said performance for the current quarter had been impacted by lower unbilled sales as there were no new launches due to the soft property market conditions.
“Revenue for the current quarter is mainly from the sales of the remaining completed units.”
Whilst the current property market provides plenty of opportunities to build on the development pipeline, the group will continue to act astutely in the selection of these opportunities while taking into consideration its capital requirements.”
In pursuit of new project launches within i-city, I-bhd said it remains focused on enhancing and extracting full value from its development with only approximately 40% of the gross floor area (GFA) being developed.
“Sustainability of future growth will be underpinned by the remaining 60% GFA of project yet to be developed.
Even amid the current challenging climate, the developer said it remains unwavering in its commitment to build its property investment portfolio to enjoy strong, recurring and less fluctuating income streams over the long run, notwithstanding the gestation period for these assets being relatively longer.
I-bhd said its first Green Building Indexrated corporate office tower, with direct connectivity and dual fibre routes to the Tier 3 Data Centre (within i-city) which provides 400Gbps capable network and auto failover multi-path dedicated internet access (“DIA”) to its corporate users, has just been completed.
“The group is also currently investing in Doubletree by Hilton hotel (expected to open its door in second half of 2021) and a second convention centre, all of which strengthen the group’s asset base and start to contribute financially in the coming years.”
In the same statement, I-bhd chairman Tan Sri Lim Kim Hong said rapid developments in i-city offer excellent economic opportunities to buyers and investors alike, with values intrinsically enhanced and position firmly cemented as the heart of Selangor’s Golden Triangle.
“I am extremely confident that I-bhd will exceed expectations in realising the values of our project portfolio within i-city.”
In a filing with Bursa Malaysia yesterday, the company said its unbilled sales as at March 31, 2020 stood at Rm94.2mil as compared with Rm98.4mil as at Dec 31, 2019.