Ibraco profit surges 69pc

KUALA LUMPUR: Ibraco Bhd’s net profit surged 68.7 per cent in the second quarter ended June 30 to RM5.09 million from RM3.02 million previously.

Revenue more than doubled to RM49.34 million from RM22.34 million in the same period a year ago.

In a filing to Bursa Malaysia, Ibraco said the group’s revenue was primarily recognised from Tabuan Tranquility Phase 2 and 3, Bintulu Town Square, ContiNew, Park Residence, Stutong Heights, and The NorthBank projects, as well as the construction of a new airport in Mukah, Sarawak, and rental income from investment properties.

For the six-month period, Ibraco’s net profit rose 16.7 per cent to RM7.41 million from RM6.35 million while revenue surged 97.7 per cent to RM81.84 million from RM41.4 million.

Ibraco, with a 255.96ha landbank, said it planned to launch residential and commercial property projects this year and in the future.

Managing director Datuk Chew Chiaw Han said the group was on track in meeting its internal sales target and remained confident of the upcoming financial results.

He said this was based on unbilled sales of RM267.81 million and outstanding order book of RM241.86 million as at June 30.

“We continue to look for opportunities to launch projects.

“Additionally, with our extensive experience via construction works in the new Mukah airport, I believe it can take us further within this segment.

“We will also be actively participating in the government’s construction and infrastructure projects,” he said in a statement.

Additionally, riding on the success of ContiNew Kuala Lumpur, the company has entered into a separate sale and purchase agreement with Milan Sanctuary Sdn Bhd and Jurapat Sdn Bhd to acquire a 15,811.66 sq m leasehold land in Bandar Petaling Jaya Selatan for an aggregate consideration of RM37.44 million.

“The land has been approved for the development of mixed commercial projects and we believe a strategic investment for this piece of land will not only enhance our future earning potential, but also expand our market presence,” said Chew.

We will also be actively participating in the government’s construction and infrastructure projects. DATUK CHEW CHIAW HAN

Ibraco Bhd managing director