falls despite revenue increase

KUALA LUMPUR: IGB Corp Bhd posted a net profit of RM37.5 million, down 37%, for the third quarter (3Q) ended Sept 30, 2012 compared with RM59.5 million in the same quarter last year. “The fall in profit was due to a one-off accrual during the current quarter of expenses of about RM28.7 million incurred in the listing of IGB REIT,” said IGB in its announcement to Bursa Malaysia.

Revenue rose nearly 30% to RM241.2 million from RM186.1 million previously. For the nine months ended Sept 30, net profit was RM150.9 million against RM145.8 million a year ago. Its cumulative revenue grew to RM724.9 million from RM547.1 million. Earnings per share was 2.58 sen, against 4.05 sen previously.

IGB expects the group’s operational results for the current financial year to be better than last year’s.