I-Bhd Q3 earnings down 20.7% on higher taxation
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.