I-Bhd Q3 earn­ings down 20.7% on higher tax­a­tion

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: I-Bhd’s net profit for the third quar­ter ended Sept 30, 2018 fell 20.69% to RM5.69 mil­lion from RM7.17 mil­lion in the same quar­ter a year ago due to higher tax­a­tion.

Rev­enue for the quar­ter un­der re­view de­clined 19.45% to RM60.66 mil­lion from RM75.31 mil­lion with lower con­tri­bu­tion from its prop­erty de­vel­op­ment seg­ment.

Its nine-month net profit rose 6.47% to RM52.49 mil­lion from RM49.3 mil­lion in the same pe­riod last year, while rev­enue inched up 3.63% to RM327.18 mil­lion from RM315.70 mil­lion.

Com­ment­ing on prospects, the group ex­pects a chal­leng­ing mar­ket ahead for the prop­erty de­vel­op­ment seg­ment amid the con­sol­i­da­tion of both na­tional and global econ­omy, hence it will take a cau­tious ap­proach.

The board is also of the view that op­er­at­ing per­for­mance of the group will be chal­leng­ing for the re­main­ing quar­ter of the fi­nan­cial year end­ing Dec 31, 2018 de­spite its con­tin­u­ous strate­gic ef­forts, it said in a state­ment.

“The group’s un­billed sales as at Septem­ber 30, 2018 stood at RM160.7 mil­lion as com­pared with RM305.4 mil­lion as at June 30, 2018. The com­pany re­mains fo­cused on en­hanc­ing i-City de­vel­op­ment and con­tinue im­prov­ing the liv­ing ex­pe­ri­ence as well as value of i-City de­vel­op­ment.

“In ad­di­tion, the group is fo­cus­ing on the on­go­ing de­vel­op­ment of its in­vest­ment prop­er­ties namely, its cor­po­rate of­fice tower, Dou­ble Tree by Hil­ton and a sec­ond con­ven­tion cen­tre which will con­trib­ute re­cur­ring in­come stream to the group in the near fu­ture,” it added.

On Bursa Malaysia yes­ter­day, I-Bhd weak­ened 2.1% to 46 sen on vol­ume of 96,600 shares.

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