I-Bhd's 3Q net profit up 162% on property development

KUALA LUMPUR (Oct 24): I-Bhd's net profit grew 162% to RM22.44 million in the third quarter ended Sept 30, 2016 (3QFY2016) from RM8.56 million a year earlier due to better performance in its property development segment.

In a statement to Bursa Malaysia today, I-Bhd said revenue rose to RM113.58 million from RM55.22 million.

For the cumulative nine-month period (9MFY2016), I-Bhd's net profit was up at RM52.48 million from RM27.31 million a year earlier. Revenue rose to RM280.71 million from RM183.29 million.

"Both revenue and profit before tax for the financial period ended Sept 30, 2016 were higher as compared to the financial period ended Sept 30, 2015 due to further sales from the existing projects such as i-SOHO, i-Suite, Liberty, Parisien Tower and new launches during the year, 8Kia Peng and Hyde Tower as well as the advancement in the progress of the construction works.

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

At 12:30pm, I-Bhd shares rose one sen or 1.8% to 58 sen with 345,900 shares traded. At 58 sen, I-Bhd has a market capitalisation of RM577.45 million. — theedgemarkets.com