IOI Properties posts RM170.97 million net profit in Q2

23 Feb 2021 / 09:30 H.

KUALA LUMPUR: IOI Properties Group Bhd’s net profit for the second quarter ended Dec 31, 2020 declined to RM170.97 million compared with RM213.88 million recorded in the same quarter a year ago.

Revenue however rose to RM591.34 million from RM564.13 million, the group said in a filing with Bursa Malaysia on Monday.

It said the increase in revenue was mainly attributable to the property development segment.

“The group recorded an operating profit of RM217.3 million in the current year quarter, which is RM7.6 million or 3% lower than the preceding year corresponding quarter.

“The decrease in operating profit is mainly due to lower performance from the property investment, hospitality, and leisure segments as a result of re-imposition of the conditional movement control order by the government to curb Covid-19 pandemic,” it said.

Meanwhile, it said the decrease in net profit was mainly due to lower profit contribution from the aforementioned segments, coupled with lower share of results of joint-ventures due to lower sales and hotel performance in the current year quarter as a result of Covid-19 pandemic. – Bernama

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