KUALA LUMPUR (Feb 21): IGB Corp Bhd reported a 14.26% fall in its fourth quarter net profit due mainly to lower contributions from its property segment.

Net profit for the quarter ended Dec 31, 2016 (4QFY2015) totalled RM43.99 million or 3.3 sen per share, compared with RM51.31 million or 3.84 sen per share for 4QFY2015.

Revenue was down slightly by 1.44% to RM282.87 million from RM284.62 million for 4QFY2015, the group said in a filing with Bursa Malaysia.

For the full financial year, IGB Corp posted a net profit of RM297.99 million, 37.39% higher than the RM216.9 million reported for FY2015.

Revenue stood at RM1.15 billion, down 1.44% compared with RM1.17 billion for FY2015.

IGB Corp said contributions from its property development division  dropped 40% to RM93.6 million compared with FY2015, while contributions from its property investment (commercial) division fell 4% to RM122.9 million.

However these decreases were mitigated by higher contributions from other operating divisions such as property investment (retail) which rose 5% to RM493.5 million, and hotel which rose 6% to RM379.7 million.

The group currently has a few ongoing projects which includes the 328 Tun Razak condominium as well as the Damai Residence condominium which are to be completed by the middle of this year.

IGB Corp’s share price closed unchanged at RM2.43 today, giving it a market capitalisation of RM3.32 billion. — theedgemarkets.com

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