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IOI Properties 4Q profit down 21.3% to RM264.99m

KUALA LUMPUR (Aug 28): IOI Properties Group Bhd’s fourth-quarter (4Q) net profit dropped 21.3% year-on-year to RM264.99 million from RM336.64 million, due to a reduced contribution from its overseas property projects.

Earnings per share for the quarter ended June 30, 2018 fell to 4.81 sen from 5.79 sen a year ago. Quarterly revenue slumped 43.6% to RM673.98 million from RM1.195 billion a year ago.

IOI Properties said its quarterly performance was lower due to a lower profit contribution from projects overseas arising from fewer units remaining for sale for both The Trilinq in Singapore and D3 Residence in Xiamen, China.

For the full year, IOI Properties recorded a 14.9% fall in net profit to RM783.63 million, from RM920.87 million in the previous year, with revenue declining 33.3% to RM2.793 billion from RM4.185 billion.

The group declared an interim single-tier dividend of five sen per share, payable on Sept 28.

“Barring any unforeseen circumstances, the group is expected to continue to deliver a satisfactory performance in the coming quarter,” it added.

This article first appeared in The Edge Financial Daily, on Aug 28, 2018.

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