I-Bhd net profit soars 72% in Q2

PETALING JAYA: I-Bhd’s second quarter net profit surged by 72.3% to RM14.68 million from RM8.52 million a year ago, driven by the property development segment.
It told Bursa Malaysia yesterday that its revenue for the quarter ended June 30, 2016 increased by 64.4% to RM86.67 million from RM52.72 million.
For the first six months of 2016, its net profit jumped by 60.1% to RM30.04 million from RM18.75 million in the previous corresponding period.
Revenue, in the period, increased 30.5% to RM167.12 million compared with RM128.07 million.
“This higher numbers are contributed mainly by the property development segment resulting from both higher sales and construction completion from the various projects in i-City,” I-Bhd’s executive chairman Tan Sri Lim Kim Hong said in a separate press note.
I-Bhd expects the property development segment to continue to contribute positively to the group’s performance in the current financial year.
“Contribution from the property development division is expected to be higher in the second half of 2016 compared to the first half as its i-SOHO project will be completed and handed over to the purchasers.
“At the same time with the expected completion of the car park podium, the construction progress of the remaining developments (i-Suites, Parisien, Liberty and Hyde towers) can progress at a faster rate,” it added.
As at June 30 2016, the group’s unbilled sales stood at RM718.6 million.
Barring unforeseen circumstances, I-Bhd is confident of achieving greater operating results for the financial year ending Dec 31, 2016.