Property, hotel divisions boost IGB earnings

PETALING JAYA: IGB Corp Bhd’s net profit soared 41.1% to RM76.3 million for the second quarter ended June 30, 2017 versus RM54.08 million in the previous corresponding period, thanks to higher contributions from the property investment and hotel divisions.
However, its revenue dropped 6.1% from RM262.52 million to RM246.59 million, mainly due to lower contribution from the hotel division.
The group has proposed to declare an interim dividend of 5 sen per share for the quarter under review.
IGB’s first-half net profit jumped 80.9% from RM105.89 million to RM191.55 million, while revenue fell 7.6% from RM542.73 million to RM501.37 million.
Th group told Bursa Malaysia that based on the results achieved for the six months to June 30, 2017, the board is cautiously optimistic that the performance for FY17 will be satisfactory.
The counter was unchanged at RM2.83 yesterday on some 3,700 shares traded, giving IGB a market capitalisation of RM3.86 billion.