News

I-Berhad Records Stellar Results In Q3

Last update: 24/10/2016

KUALA LUMPUR, Oct 24 (Bernama) -- Property developer, I- Berhad's pre-tax profit surged by 144.2 per cent to RM25.4 million in the third quarter ended Sept 30, 2016 (Q3) from RM10.4 million recorded in the same quarter last year.



Revenue rose 105.8 per cent to RM113.6 million during the quarter reviewed from RM55.2 million previously, the company said in a statement Monday.



For the first nine months period, pre-tax profit and revenue soared by 96.7 per cent and 53.42 per cent year-on-year to RM65.1 million and RM280.7 million respectively.



The company said the property development division recorded a higher pre-tax profit and revenue in Q3 due to further sales from existing projects such as i-SOHO, i-Suite, Liberty and Parisien Tower.



It was also backed by new launches during the year including 8Kia Peng and Hyde Tower, as well as, advancement in the progress of construction works.



I-Berhad said revenue of its property investment, however, decreased in Q3 due to the expiry of the Ijarah agreement with Al-Rajhi Banking and Investment Corporation Malaysia Bhd in November 2015.



The results of the leisure segment in Q3 declined year-on-year due to the decrease in the number of visitors to the theme park.



Going forward, Executive Chairman, Tan Sri Lim Kim Hong, said there would be more contributions from the property development segment in the subsequent quarter via completion of construction from current projects in i-City and higher sales from new launches.



He said with only 10 per cent of the RM9 billion gross development value completed to-date, i-City is set to deliver unparalleled growth for I-Berhad over the next 10 years.



"Unbilled sales currently stand at RM656.5 million, which is equivalent to more than two years of property development revenue, which augurs well for the Group in the coming years.



"We expect record profits for this year and given our 30 per cent dividend policy, we expect record dividends to our shareholders this year as well," he said.



-- BERNAMA