IJM Unit To Launch Properties Worth RM750 Million In FY2018

Last update: 23/08/2017KUALA LUMPUR, Aug 23 (Bernama) -- IJM Corporation Bhd's property unit, IJM Land Bhd, plans to launch properties worth RM750 million in the 2018 financial year.

Chief Executive Officer/Managing Director Datuk Soam Heng Choon said the take-up rate was anticipated to be good for its Bandar Rimbayu, Shah Alam, Seremban 2 project while its Riana South, Cheras, project currently enjoyed a take up rate of 60 per cent.

"There are many buyers in the market and they are able to obtain financing, however, not the right margin," he told reporters after the company's extraordinary general meeting which obtained shareholders' approval for the company's proposed renewal of share buy-back.

Meanwhile, IJM Corporation Bhd recorded a higher pre-tax profit of RM197.5 million for the first quarter ended June 30, 2017 from RM174.56 million recorded in the same corresponding quarter, a year ago.

Revenue rose to RM1.46 billion from RM1.31 billion, previously.

In a statement, the company said the rise in pre-tax profit was mainly due to improved earnings from the group's construction, property development and infrastructure divisions.

"Revenue from the construction division increased to RM532.9 million, up 7.9 per cent, from the same quarter last year, as construction works at certain major infrastructure projects gathered momentum while projects that were secured in the previous year further supplemented the division's current quarter's results," it added.