I-Bhd posts RM5.7mil profit in third quarter
PETALING JAYA: I-Bhd recorded a net profit of RM5.69mil in its third quarter ended Sept 30, 2018, compared with a net profit of RM7.17mil in the previous corresponding period, while revenue in the third quarter stood at RM60.66mil from RM75.31mil a year earlier.
In a filing with Bursa Malaysia yesterday, I-Bhd said revenue for its property development division was lower in the current quarter as Hill10, which was launched during the comparative quarter, received very good response.
“In addition, i-Suite, Liberty, Parisien and Hyde developments have also contributed to the higher revenue in the corresponding quarter.
“The stronger result in the current quarter is a result of the MFRS 15 adjustment to the comparative quarters.”
For its property investment division, I-Bhd said the slight improvement in revenue for the third quarter of 2018 was due to the lease of the additional completed investment properties in the segment.
“The extended loss before taxation is a result of the share of results of an associate which is incurring pre-operating expenses.”
Meanwhile, I-Bhd said revenue for its leisure segment revenue was sustained, while the additional maintenance and upgrading works carried out in the quarter to enhance customers’ experience resulted in a lower profit before tax for the current quarter.
For the nine-month’s period ended Sept 30, 2018, I-Bhd’s net profit rose to RM52.49mil from RM49.30mil in the previous corresponding period, while revenue during the period increased to RM327.18mil from RM315.70mil a year earlier.
Commenting on its prospects, I-Bhd said it expects a challenging market ahead for the property development segment amid the consolidation of both national and global economy, and thus, adopts a cautious approach.
“The group’s unbilled sales as at Sept 30, 2018 stood at RM160.7mil as compared to RM305.4mil as at June 30, 2018.”
The company also said it remains focused on enhancing i-City development and continue improving the living experience as well as value of the development. “In addition, the group is also focusing on the on- going development of its investment properties namely, Corporate Office Tower, Double Tree by Hilton and second convention centre, which will contribute recurring income stream to the group in the near future. Under the foregoing circumstances, the board is of view that the operating performance of the group will be challenging for the remaining quarter of the financial year ending Dec 31, 2018 despite the group’s continuous strategic efforts.”