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Ideal United shares hit 13-year high after sharp rise in 2Q earnings

KUALA LUMPUR (Aug 27): Ideal United Bintang International Bhd’s (IUBI) share price hit a 13-year high of RM1.50 today, after the group reported a five-fold rise in its second quarter net profit to RM15.57 million, from RM3.09 million a year ago. 

The group attributed the rise in net profit for the period ended June 30, 2018 (2QFY18) to good take-up rates for its I-Santorini, One Foresta and Forrestville projects. 

Earnings per share jumped to 14.09 sen from 2.8 sen, IUBI said in a filing with Bursa Malaysia. 

Quarterly revenue lept 312.36% to RM194.69 million, from RM47.21 million previously. 

The group said total net profit for the first two quarters surged 460% to RM30.26 million, from RM5.41 million in the same period last year, as revenue jumped 329.09% to RM400.29 million, from RM93.29 million.

IUBI said barring unforeseen circumstances, it expects its property development sector to contribute further to the revenue and profit for the current financial year ending Dec 31, 2018 (FY18).

At 3.38pm, IUBI shares were trading at RM1.50, up 18 sen or 13.64%, for a market capitalisation of RM166 million. The stock has risen by nearly 90% over the past one year. — theedgemarkets.com

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