KUALA LUMPUR (Feb 24): Sarawak-based property developer Ibraco Bhd's net profit in the fourth quarter ended Dec 31, 2016 (4QFY2016) dropped 80% to RM3.27 million, from RM16.56 million a year earlier.

Revenue was down 68% at RM26.65 million from RM83.95 million a year ago.

For its full year, Ibraco's net profit fell 41% to RM27.07 million from RM45.96 million a year ago. Revenue declined 37% to RM158.77 million from RM254.04 million a year ago.

In a filing to Bursa Malaysia today, the group said changes in product mix, sales and completion status of its properties have had an impact on its earnings. It said its earnings are also impacted by any movement in raw material and labour costs.

However, demand for its properties has been satisfactory to date, it said.

On its prospects, the group said it has plans to launch more projects comprising mainly residential and commercial properties in 2017.

Ibraco recently expressed its intention to recalibrate its product portfolio to include more affordable housing.

Ibraco shares closed at 93 sen on Feb 23, with a market capitalisation of RM461.66 million. — theedgemarkets.com  

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