Ibraco ends financial year with net profit of RM7.9 million

KUALA LUMPUR: Ibraco Bhd closed its financial year ended December 31, 2010 (FYE 2010) with a net profit of RM7.9 million on the back of revenue of RM28.2 million.

The result is an improvement from its FYE 2009 where a net loss of RM7.5 million was recorded, said the company on Wednesday, Feb 23 in a Bursa announcement.

Its group revenue and profit for its fourth quarter (4Q 2010) were also higher than 3Q 2010 ended September 30, 2010 with a net profit of RM12.2 million.

The higher quarterly revenue was mainly attributed to the current on-going development project and disposal of developed land.

The company expects to launch more projects comprising mainly residential properties during FYE 2011.

Due to lingering concerns over a double-dip recession and volatility in oil price, it will continue to monitor the market demand and adopt a prudent and cautious approach in launching new projects in the short term.

Nonetheless, the company is optimistic that the take up rates and physical

progress achieved for on-going projects  will enable it to achieve the projected financial results for FYE 2011.

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