Higher tax expense bites I-Bhd's Q3 earnings

PETALING JAYA: I-Bhd's net profit declined 12.7% to RM19.6 million for the third quarter ended Sept 30, 2017 against RM22.44 million in the previous corresponding period, mainly due to higher tax expense.
Revenue fell 7.3% from RM113.58 million to RM105.32 million.
I-Bhd's unbilled sales stood at RM303 million as at end-September against RM335 million as at end-June.
It is confident that the unbilled sales, together with the success of the Hill10 Residence development and the continuous sales of on-going projects will underpin similarly strong financial performances in the coming quarters.
"The group expects 2017 to be another record year in terms of revenue and profits," it noted.
For the first nine months of the year I-Bhd's net profit however, rose 10.2% from RM52.48 million to RM57.82 million, with revenue increasing 19.7% from RM280.71 million to RM335.97 million.
Its shares rose one sen or 1.77% to close at 57.5 sen today on some 671,200 shares done.