Ibraco’s 3Q profit down 61%, plans to launch more projects

KUALA LUMPUR (Nov 18): Property developer Ibraco Bhd’s net profit in the third quarter ended Sept 30, 2016 (3QFY16) fell 61.1% to RM4.36 million, from RM11.2 million a year earlier, as revenue retreated due to a change in product mix.

Variance in sales and completion status of projects during the quarter compared with a year ago, also impacted its earnings, it said in a bourse filing today.

Revenue was down by 46.6% at RM60.76 million, from RM32.43 million a year earlier.
 
In the first nine months of FY16 (9MFY16), Ibraco’s net profit stood at RM23.81 million, down 19% from RM29.4 million in 9MFY15, as revenue shrank 22.3% to RM132.12 million, from RM170.09 million. 

Moving forward, the group plans to launch more projects this year and beyond, comprising mainly residential and commercial properties. 

Ibraco’s shares were not traded today. They last settled at RM1.01 on Nov 3, giving it a market value of RM501.37 million.