KUALA LUMPUR (April 18): I-Bhd posted a 21% rise in net profit for the first quarter ended March 31, 2017 (1QFY17) to RM18.59 million from RM15.36 million a year earlier, as contributions from its property development segment improves.

The company attributed the better segmental performance — property development registered a profit before tax of RM22.24 million in 1QFY17 versus RM14.97 million in 1QFY16 — to further sales from its existing projects in i-City, and the development's construction progress.

The group's quarterly revenue grew 28% to RM102.84 million from RM80.45 million a year ago, again due mainly to its improved property development contribution.

Going forward, I-Bhd said the board expects the property development segment to continue to contribute positively to the group's performance in the current financial year.

"Barring any unforeseen circumstances, i-SOHO and i-Suite projects will be completed and handed over to the purchasers by 2QFY17 and 4QFY17, respectively," said the company.

With the completion of the two projects, as well as the launch of a new project, the property development segment results for FY7 is expected to be higher as compared to FY16, said I-Bhd.

I-Bhd also shared that its unbilled sales as at March 31, 2017 stood at RM447.9 million, as compared to RM573.3 million as at Dec 31, 2016. This is expected to grow with the launch of Hill10 in 2QFY17.

"The completion of the i-SOHO project has realised a portion of the unbilled sales which has thus led to the positive surge in the group's cash and cash equivalents position," said I-Bhd.

At 2.34pm, shares in I-Bhd were up two sen or 3.36% to 61.5 sen for a market capitalisation of RM612.71 million. — theedgemarkets.com

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