IOI Properties Q3 net profit falls 55%

PETALING JAYA: IOI Properties Group Bhd’s net profit dropped 54.8% to RM121 million in the third quarter (Q3) ended March 31, 2017, from RM268 million in the previous corresponding quarter.

In a filing with Bursa Malaysia yesterday, the group said its operating profit declined 51% compared with the preceding corresponding quarter, mainly due to the one-off additional buyer stamp duty with interest of RM163.9 million incurred for Trilinq project in Singapore during the period.

Revenue surged 39% to RM895.8 million, compared with RM643.5 million in the same period last year, mainly due to higher revenue from its three business segments namely property development, property investment, and leisure and hospitality.

For the nine months period, its net profit decreased 15.4% to RM584.2 million, from RM690 million a year ago, while revenue increased 40.2% to RM3 billion, against RM2.13 billion previously.

Commenting on prospects, the group said with its sizable land bank in strategic locations both in Malaysia and overseas, coupled with strong track record of delivery, it is well-positioned to adapt to market demand.

Barring any unforeseen circumstances, the group is expected to perform well in the remaining financial period, it added.