I-Bhd sees 33.7% jump in Q2 profit on sales from i-City

PETALING JAYA: I-Bhd's net profit soared 33.7% to RM19.63 million for the second quarter ended June 30, 2017 against RM14.68 million in the previous corresponding period, underpinned by further sales from the existing projects in i-City as well as the advancement of the construction progress.

Its revenue jumped 47.5% from RM86.68 million to RM127.82 million.

The property developer said in a filing with Bursa Malaysia that it expects the property development segment to continue to contribute positively to the group's performance in the current financial year.

I-Bhd 's unbilled sales stood at RM334.7 million as at 30 June 2017 against RM447.9 million as at March 31, 2017.

"Barring any unforeseen circumstances and based on the aforementioned factors, the board is confident that the group would achieve commendable operating results for the financial year ending December 31, 2017," it said.

For the first half of the year, I-Bhd's net profit expanded 27.2% from RM30.04 million to RM38.22 million on the back of a 38% rise in revenue from RM167.12 million to RM230.65 million.

I-Bhd's share price was up 2.5 sen to close at 60 sen on some 1.57 million shares traded, giving it a market capitalisation of RM604.17 million.