I-Bhd’s nine-month earnings up to RM57.8mil
Property development division is the biggest contributor
PETALING JAYA: Property developer I-Bhd’s earnings rose 10.2% to RM57.82mil in the nine months ended Sept 30, from RM52.48mil from the previous corresponding period, while revenue increased 19.7% to RM335.97mil from RM280.71mil.
In a filing with Bursa Malaysia yesterday, the company said the property development division was its biggest contributor to earnings, boosted by further sales from existing projects in i-City, as well as the advancement of the construction progress.
The company added that its leisure segment showed favourable results for the financial period ended Sept 30, compared with the previous corresponding period due to better cost management.
In a statement, I-Bhd executive chairman Tan Sri Lim Kim Hong said the group’s investment merits and consistent delivery of strong financial performance is being largely under-appreciated however, particularly in light of lacklustre market conditions.
“Nonetheless, I-Bhd remains very much on track with its plan of being a billion ringgit property group,” he said.
The group has unbilled sales of RM303mil at the end of September, compared with RM335mil at the end of June, Lim said, adding that the success of the Hill10 Residence development and the continuous sales of on-going projects would underpin strong financial performances in the coming quarters.
“The group’s property development revenue has been growing steadily towards this target since embarking on this plan and we are confident that the group can meet its rev- enue target come 2018.”
I-Bhd’s earnings for its third quarter ended Sept 30, were slightly lower at RM19.60mil compared with RM22.44mil a year ago. Revenue was RM105.32mil compared with RM113.58mil. Despite this, Lim expected 2017 to be another record year in terms of revenue and profits.
“The makeover of the theme park is also part of i-City’s plans to free up the currently occupied land for the next phase of its property development.
“About 20 acres of land is currently used for the various theme park rides and attractions. Thus as part of this undertaking, we are relocating the theme park to be incorporated with the recently completed SOHO development.”
Lim said I-Bhd’s plans for the vacated 20-acre would then be developed as the central business district (CBD) of i-City.
“This CBD would be five million sq ft development that is expected to be unveiled to the public by mid-2018. With over RM4bil in gross development value, about half of the built-up areas would be allocated for commercial offices in line with our vision for this to be the next business hub for the Greater Kuala Lumpur area.
“At the same time, it would also showcase i-City as a Digital Lifestyle Hub.”