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Tuesday, 18 July 2017

(The Star) I-Bhd Q2 profit jumps 34% powered by higher property sales

PETALING JAYA: I-Bhd’s net profit grew 33.8% to RM19.6mil for the second quarter ended June 30, 2017, from RM14.7mil in the corresponding period last year thanks to higher contributions from its property development division.

During the quarter in review, the real estate developer posted an increase of 47.5% in revenue to RM127.8mil, compared with RM86.7mil a year ago, while its earnings per share (EPS) rose to 1.85 sen from 1.38 sen.

In a statement, I-Bhd said both its revenue and pre-tax profit for the second quarter of 2017 were higher compared with the corresponding quarter last year due to further sales from existing projects in i-City as well as the advancement of the construction progress, while its leisure division also showed favourable results due to better cost management.

“The property development segment continues to be the main contributor to this steady performance, a result of construction progress and continuous sales from four projects, namely i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City,” I-Bhd said.

For the cumulative period, I-Bhd’s net profit rose 27.2% to RM38.22mil in the first half of 2017 from RM30.04mil in the previous corresponding period, while the group’s revenue rose 38% to RM230.65mil from RM167.12mil and its EPS rose to 3.6 sen from 2.83 sen.

On the group’s prospects, I-Bhd said it would expect 2017 to be another record year for the group in terms of revenue and profit.

As at the endof June, the group’s unbilled sales stood at RM335mil, compared with RM448mil as at the end ofs March.

However, this had yet to fully reflect the new sales of Hill10, which were expected to be reflected in the second half of this year.

I-Bhd said Hill10 had registered strong interest with a take-up rate of 70% as of to date.

Hill10 was expected to be ready by 2019 and would be an Internet of Things ready smart home.